Court held that the Tribunal was justified in upholding the order of the CIT( A) directing the AO to delete the 12 per cent. interest charged by him, on the interest-free deposit received by the assessee, to determine the annual letting value of the rented property. Followed CIT v . Tip Top Typography ( 2014) 368 ITR 330 ( Bom)(HC) (AY. 2008-09)
CIT v. Jubiliant Enterprises P. Ltd. (2019) 416 ITR 58 (Bom) (HC) Editorial: SLP is granted to the revenue , CIT v. Jubiliant Enterprises P. Ltd. ( 2017) 397 ITR 32 (St)
S.23: Income from house property- Annual value – Interest free deposit – Rented property – Deletion of the 12 per cent. interest on the interest-free deposit received by the assessee, to determine the annual letting value of the rented property- Held to be valid . [ S.22, 24 ]