2013 (7) TMI 472

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Revenue arises out of the order passed by the CIT(A) on 19-04-2010 in relation to assessment year 2006-07. 2. The only issue raised in this appeal is against the direction of the ld. CIT(A) to delete the addition in the annual letting value made by the AO u/s. 23(1)(a) of the Act on account of notional interest of Rs.30 lakhs on interest free deposit of Rs.3 crores. 3. Briefly stated, the fa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....' sons are the main beneficiaries of the Trust and that the guarantors are the persons who created the Trust for the benefit of their children. It was, therefore, observed that a sum of Rs.5.80 crores was taken by the natural guardians of the beneficiaries of the Trust who are the only two persons of the assessee firm. It was also noticed that the assessee firm returned back Rs.3 crores to Tata Fi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt order on this point. 4. The Revenue is aggrieved against the deletion of addition of Rs.30 lakhs. 5. We have heard the ld. D.R. and perused the relevant material on record. There is no appearance from the side of the assessee despite notice. The only issue for consideration is as to whether or not the notional interest @ 10% on total security deposit of Rs.3 crores should be added to the ....