CIT vs J. K. Investor (Bombay) Ltd. (Bombay High Court)

Bombay High Court Commissioner Of Income Tax vs J. K. Investor (Bombay) Ltd. Date- 5 June, 2000 (2001) 167 CTR (Mad) 163 2000 112 TAXMAN 107 Bom JUDGMENT Kapadia, J.  The short point which arises for consideration in this appeal is : Whether notional interest on interest-free deposit received by the assessee against letting of property could be taken into account in cases falling under section 23(1)(b) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) In other words, whether notional interest would form part of actual rent received or receivabl...