2018 (8) TMI 1064

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....r dated 30th January, 2015 is in respect of Assessment Years 200405, 200506, 200607 and 200708. These three Appeals relates to Assessment Years 200405, 200607 and 200708. 2 In all these Appeals, Revenue urges the following questions of law, for our consideration: "(a) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in law in holding that since interest on security deposits kept with banks is offered to tax as income under other heads, adding notional interest on security deposit in ALV will amount to double taxation without appreciating that interest on security was considered by AO only to work out fair market rent which property would have fetched. The Tribunal failed to apprecia....

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....s earned on the interest free security deposit received from the licencee. The interest obtained by the Respondent on the security deposit kept in the bank, is added to the licence fee in determining the rent received by the RespondentAssessee. (iv) The impugned order of the Tribunal allowed the Assessee's appeal on the above issue by holding that, this issue is being covered by the decision of this Court in CIT v/s. Tip Top Typography 368 ITR 330. In the aforesaid decision, this Court has held that for application of Section 23(1)(b) of the Act, the Assessing Officer has to first determine the fair rent which would be received in respect of the said property. In the absence of standard rent, the fair rent of the property shoul....