Income from House Property
Last updated: 18 September 2008
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.
CA Rachit K Patel
Published in Income Tax
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