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ITAT Deletes Rs. 63L Deemed ALV Addition: Real Rent Only Counts
Case Law Details
- Case Name
- Idhayam Infraheights Pvt. Ltd. Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Delhi
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Idhayam Infraheights Pvt. Ltd. Vs DCIT (ITAT Delhi)
₹4 Cr Security Deposit Doesn’t Mean Income: ALV Must Be Real, Not Imagined- Security Deposit Can’t Generate Fictional Rent: Notional Interest ≠ Rent: Delhi ITAT Deletes ₹63L Deemed ALV Addition
Assessee challenged additions of ₹34,00,000 & ₹29,12,000 made by AO as notional rent u/s 23(1) on ground that it had received an interest-free security deposit of ₹4 Cr while charging a contractual rent of only ₹5,000 per month. AO & CIT(A) treated the deposit as a colourable device, applied SBI interest rate, & computed d...
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