Whether the notional interest on interest-free deposit from tenants is to be considered while determining the correct ALV u/s 23(1)(a)?

DCIT, Mumbai Vs M/s Sumer Ville Investments (ITAT Mumbai)– Whether the notional interest on interest-free deposit from tenants is to be considered while determining the correct ALV u/s 23(1)(a)- Whether when no independent enquiry is made by the AO from the purchasers of the property, the sale consideration of property cannot be rejected merely on the basis that in past the sales were made at higher price and particularly when the sale price was accepted by the stamp duty authorities for the purpose of stamp duty valuation. Assessee’s appeal partly allowed

IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCH’ E’

BEFORE SHRI R.S.PADVEKAR, JUDICIAL MEMBER AND
SHRI RAJENDRA SINGH, ACCOUNTANT MEMBER.

ORDER

PER SHRI R. S. PADVEKAR:

These batch of three appeals are filed by the revenue challenging the respective impugned orders of the Ld. Commissioner of Income Tax (Appeals)-12, Mumbai for the Assessment Years 2003-04, 2004-05 and 2005-06. The issues and the facts are identical in all these appeals, hence these appeals are disposed of by this common order.