https://www.taxtmi.com/caselaws?id=182450 Notional interest on an interest-free security deposit could not be added to the annual letting value of a let-out property under section 23. Where rent control applies, the property's reasonable expected rent is capped by standard rent, and municipal rateable value may only act as a guide. Because the property was already let and the actual rent received was lower than the notional figure, section 23(1)(b) applied to the actual rent. The security deposit did not change the rent received or justify importing a notional return into annual value, so the Revenue's addition was unsustainable. en-us Mon, 15 Dec 2003 00:00:00 +0530 Sat, 29 Jun 2024 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182450 Notional interest on an interest-free security deposit could not be added to the annual letting value of a let-out property under section 23. Where rent control applies, the property's reasonable expected rent is capped by standard rent, and municipal rateable value may only act as a guide. Because the property was already let and the actual rent received was lower than the notional figure, section 23(1)(b) applied to the actual rent. The security deposit did not change the rent received or justify importing a notional return into annual value, so the Revenue's addition was unsustainable. Case-Laws Income Tax Mon, 15 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182450