https://www.taxtmi.com/caselaws?id=336972 The Tribunal allowed the appeal of the assessee, deleting all contested additions made by the AO and confirmed by the CIT(A). The Tribunal concluded that the properties were not let out during the financial year 2006-07, thus granting vacancy allowance to the assessee. Additionally, the Tribunal deemed the additions of deemed advances and notional interest as arbitrary and without basis, deleting them. The Tribunal also held that the application of Section 50C regarding the value of the Jayanagar property and the addition based on the difference between guidance value and actual amount paid were not justified, deleting these additions as well. en-us Wed, 31 Aug 2016 00:00:00 +0530 Sun, 01 Jan 2017 14:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336972 The Tribunal allowed the appeal of the assessee, deleting all contested additions made by the AO and confirmed by the CIT(A). The Tribunal concluded that the properties were not let out during the financial year 2006-07, thus granting vacancy allowance to the assessee. Additionally, the Tribunal deemed the additions of deemed advances and notional interest as arbitrary and without basis, deleting them. The Tribunal also held that the application of Section 50C regarding the value of the Jayanagar property and the addition based on the difference between guidance value and actual amount paid were not justified, deleting these additions as well. Case-Laws Income Tax Wed, 31 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336972