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Interest free loan received prior to construction of Property cannot be added to annual value
Case Law Details
- Case Name
- Dy. CIT Vs Gentex Merchants (P) Ltd. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Gentex Merchants (P) Ltd. (ITAT Kolkata)
The loan which the assessee received had no connection with the tenancy of Shri L.N. Mittal. The amount in question was received by the assessee from the holding company and not from the tenant. Interest free loan was received during the period when construction of the property was in progress. The loans were received from the holding company in order to meet the cost of construction and cost of acquisition of the property. Therefore the receipt of interest free loan from the holding company was an event which had occurred prior to grant of tena...
