https://www.taxtmi.com/highlights?id=60532 Computation of annual value under section 23 - The amount determined by the Assessing Officer is less than the monthly rental agreed between the parties for the property in question originally. Moreover, these are the journal entries, no actual payments have been made by the assessee. The loan liability converted into interest free security deposit as contended by the assesse cannot be acceded to. On the other hand, the interest free security deposit disproportionate to the monthly rent is nothing but a device to circumvent the liability to tax. - HC en-us Tue, 16 Nov 2021 12:50:41 +0530 Tue, 16 Nov 2021 12:50:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60532 Computation of annual value under section 23 - The amount determined by the Assessing Officer is less than the monthly rental agreed between the parties for the property in question originally. Moreover, these are the journal entries, no actual payments have been made by the assessee. The loan liability converted into interest free security deposit as contended by the assesse cannot be acceded to. On the other hand, the interest free security deposit disproportionate to the monthly rent is nothing but a device to circumvent the liability to tax. - HC Highlights Income Tax Tue, 16 Nov 2021 12:50:41 +0530 https://www.taxtmi.com/highlights?id=60532