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Notional Market Rent Cannot Override Actual Rent Without Evidence of Suppression: ITAT Mumbai
Case Law Details
- Case Name
- ACIT Vs Instant Traders Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14 & 2014-15
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Instant Traders Pvt. Ltd. (ITAT Mumbai)
ITAT Deletes ALV Addition Because Revenue Failed to Prove Rent Suppression; Separate Amenities Charges Cannot Be Added to Rental Income Without Evidence of Tax Avoidance: ITAT; Interest Deduction Under Section 24(b) Allowed Because Loans Were Used for Property Acquisition; Section 14A Disallowance Deleted Because Assessee Earned No Exempt Income During the Year; ITAT Upholds Deletion of Additions Because Assessment Was Based on Presumptions Rather Than Evidence; Market Rent Cannot Replace Actual Rent Unless Lease Arrangement Is Proven Sham: ITAT;...
