https://www.taxtmi.com/caselaws?id=396953 In a leave and licence arrangement, a disproportionately large interest-free security deposit was treated as part of the rental structure, so notional interest on the deposit was considered taxable as income from house property; the rate was aligned with the earlier year at 9%. Interest expenditure claimed against income from other sources was disallowed because no direct nexus with the earning of that income was established. Objections based on natural justice and alleged conjectural findings were rejected as the appellate record showed reasonable opportunity and reasoned findings. The additional ground on set-off of business loss against income under other heads was remanded to the Assessing Officer for fresh verification and decision after hearing. en-us Wed, 22 Jul 2020 00:00:00 +0530 Tue, 05 Nov 2024 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396953 In a leave and licence arrangement, a disproportionately large interest-free security deposit was treated as part of the rental structure, so notional interest on the deposit was considered taxable as income from house property; the rate was aligned with the earlier year at 9%. Interest expenditure claimed against income from other sources was disallowed because no direct nexus with the earning of that income was established. Objections based on natural justice and alleged conjectural findings were rejected as the appellate record showed reasonable opportunity and reasoned findings. The additional ground on set-off of business loss against income under other heads was remanded to the Assessing Officer for fresh verification and decision after hearing. Case-Laws Income Tax Wed, 22 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396953