https://www.taxtmi.com/caselaws?id=12793 The court upheld the assessment of income from letting out a property's first floor, adding a notional income of Rs. 36,000 despite the property being mortgaged. Emphasizing that annual property value is taxable unless falling under specific exemptions, the court dismissed the appeal. Referring to section 23(3) of the Income Tax Act, the court affirmed that any benefit derived by the owner renders the annual property value taxable, rejecting arguments against taxation in mortgage scenarios. The Assessing Officer's assessment of the property's annual value based on expected rental income was deemed appropriate, leading to the dismissal of the appeal. en-us Thu, 17 Jan 2002 00:00:00 +0530 Fri, 22 May 2009 10:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12793 The court upheld the assessment of income from letting out a property's first floor, adding a notional income of Rs. 36,000 despite the property being mortgaged. Emphasizing that annual property value is taxable unless falling under specific exemptions, the court dismissed the appeal. Referring to section 23(3) of the Income Tax Act, the court affirmed that any benefit derived by the owner renders the annual property value taxable, rejecting arguments against taxation in mortgage scenarios. The Assessing Officer's assessment of the property's annual value based on expected rental income was deemed appropriate, leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 17 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12793