https://www.taxtmi.com/caselaws?id=347757 The ITAT upheld the CIT(A)'s decision in an appeal involving disallowance of interest paid on borrowed capital for property purchase, estimation of notional rent on interest-free security deposit, and addition towards rent accrued but not due. The appellant, a property renting company, successfully demonstrated the nexus between the borrowed capital and property purchase, leading to the deduction under section 24(b) of the Income-tax Act, 1961. The ITAT ruled in favor of the appellant on all issues, emphasizing the importance of accurate ALV calculation and adherence to accounting standards in determining rental income. en-us Wed, 16 Aug 2017 00:00:00 +0530 Sat, 09 Sep 2017 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347757 The ITAT upheld the CIT(A)'s decision in an appeal involving disallowance of interest paid on borrowed capital for property purchase, estimation of notional rent on interest-free security deposit, and addition towards rent accrued but not due. The appellant, a property renting company, successfully demonstrated the nexus between the borrowed capital and property purchase, leading to the deduction under section 24(b) of the Income-tax Act, 1961. The ITAT ruled in favor of the appellant on all issues, emphasizing the importance of accurate ALV calculation and adherence to accounting standards in determining rental income. Case-Laws Income Tax Wed, 16 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347757