https://www.taxtmi.com/caselaws?id=59437 The Tribunal overturned the AO's determination of ALV, excluding notional interest on interest-free deposits, aligning with CIT (Appeals) and binding case law. It directed the AO to reassess ALV using standard rent and municipal value. Additionally, the Tribunal permitted the deduction of interest on a second loan used to repay an interest-free loan, citing Board Circular No. 28. The assessee's appeal was partly allowed, and the appeals were resolved for statistical purposes. en-us Tue, 05 Sep 2006 00:00:00 +0530 Fri, 23 Feb 2024 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59437 The Tribunal overturned the AO's determination of ALV, excluding notional interest on interest-free deposits, aligning with CIT (Appeals) and binding case law. It directed the AO to reassess ALV using standard rent and municipal value. Additionally, the Tribunal permitted the deduction of interest on a second loan used to repay an interest-free loan, citing Board Circular No. 28. The assessee's appeal was partly allowed, and the appeals were resolved for statistical purposes. Case-Laws Income Tax Tue, 05 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59437