Notional Market Rent Cannot Override Actual Rent Without Evidence of Suppression: ITAT Mumbai

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;...