Notional interest on deposit not includible in Annual Letting Value (ALV)

While deciding the issue relating to determination of actual value of the assessee’ s property in Mumbai the income from house property must be computed on the basis of the sum which might reasonably be expected to let from year to year and with the annual Municipal value provided such a value is not above the standard rent receivable and the same could be adopted as the safest guide for this purpose.

INCOME TAX APPELLATE TRIBUNAL, MUMBAI

I.T.A. No.4088/Mum/2010. Assessment

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