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Dcit, Cir-8, Kolkata, Kolkata vs M/S Gentex Merchants Pvt. Ltd., Kolkata on 30 August, 2017 cites

Commissioner Of Income-Tax, Tamil ... vs K.S. Subbiah Pillai (Huf) on 11 March, 1982

32. We are of the view that the in the light of the judgments of the Calcutta, Bombay & Delhi High Court, in arriving at the annual value of a house property for the purposes of Section 23 of the Income-tax Act, 1961, notional interest on the interest free loan or deposit cannot be considered to be a relevant factor. Such notional interest cannot be included in the fair rent of the property. In the circumstances, the CIT(A) was fully justified in holding that AO was not justified in enhancing the annual value of the property by making addition to the actual rent received equivalent to 10% of the interest free loan received by the assessee from its holding company. The addition made by the AO was therefore rightly held by the CIT(A) to be unsustainable in view of the decision of the Full Bench of the Delhi High Court in the case of CIT Vs M.K. Subba (supra.). We hold accordingly.
Madras High Court Cites 21 - Cited by 9 - Full Document

C.I.T.,Central-1, Calcutta vs M/S.Hemraj Mahabir Prasad ... on 3 November, 2015

31. On the question whether in a case where interest free advance are given by the tenant could notional interest on such advance be taken for the purpose of arriving at the Annual Value of the property, the CIT(A) held that notional interest cannot be taken into account for the purpose of determining annual value of property. The CIT(A) relied on the decision of the Hon'ble Calcutta High Court in the case of CIT Vs Hemraj Mahavir Prasad 279 ITR 522(Cal) wherein it was held that notional interest on interest free loan given by the tenant would neither be a determining factor nor a component to be considered in assessing the true & fair annual value of house property in terms of Section 23 of the Income-tax Act, 1961.
Supreme Court - Daily Orders Cites 0 - Cited by 5 - Full Document
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