Court :
HC
Brief :
Case Fact: Whether A.O. is justified in adding interest on interest free loan given by lessee to the lessor as notinal rent to compute the Income from House Property.
Citation :
C.I.T. Vs. Hemraj Mahabir Prasad Ltd.
Decision: Held by hon"ble court that any profit or benefit arising from the interest free loan/advance given by lessee to the lessor would be taken into account in computing the income of the assessee under other heads. In the absence of any specific provision in sec. 22 or 23 A.O. cannot add such notional interest to the rental income of the assessee.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
