2013 (5) TMI 311

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.... These three appeals by different but connected assessees arise out of the common order passed by the CIT(A) on 18-03-2008 in relation to the asstt. Year 2004-05. 2. The only substantive grievance raised through various grounds raised by the Revenue in its appeals is against the deletion of addition of Rs.9,18,600/- towards 12% notional interest on security deposit for arriving at the fair rental....

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....terest on such security was liable to be added to the annual letting value u/s.23(1)(a). By applying the rate of 12% as interest on deposit, he added the amount of such notional interest to the annual letting value of the property. The ld. CIT(A) came to the conclusion that sub-lease income was assessable under the head 'house property' because of the deeming provisions of sec. 27 (iiib) and furth....