Appropriate rate of interest for estimating ALV of Property let out without rent

ITO Vs. PASL Windtech (P) Ltd. (ITAT Ahemdabad) Whether rate of interest to be adopted for determining the ALV should be interest which would have been payable by the assessee had the assessee borrowed the money for investment in the property or it should be interest receivable by the assessee had the similar money is invested somewhere else. In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of...