https://www.taxtmi.com/caselaws?id=169869 The Administrative Commissioner directed the AO to conduct a de novo assessment of rental income from a business center received from HDFC Bank Ltd. The AO found the rent to be low compared to market rates and concluded that the interest-free deposit was to compensate for the low rent. The Commissioner partially upheld the AO's decision but noted that the AO exceeded jurisdiction in enhancing the annual value of other properties. The AO's failure to examine the cost of assets leased, adequacy of rent, and purpose of the deposit was noted. The matter was remanded to the AO for a proper de novo assessment considering all relevant factors and case law. en-us Wed, 12 Mar 2014 00:00:00 +0530 Wed, 25 Jun 2014 18:48:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169869 The Administrative Commissioner directed the AO to conduct a de novo assessment of rental income from a business center received from HDFC Bank Ltd. The AO found the rent to be low compared to market rates and concluded that the interest-free deposit was to compensate for the low rent. The Commissioner partially upheld the AO's decision but noted that the AO exceeded jurisdiction in enhancing the annual value of other properties. The AO's failure to examine the cost of assets leased, adequacy of rent, and purpose of the deposit was noted. The matter was remanded to the AO for a proper de novo assessment considering all relevant factors and case law. Case-Laws Income Tax Wed, 12 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169869