Additional can not be made in respect of notional interest on refundable deposits. Followed CIT v J.K. Investors (Bom.) Ltd (2001) 248 ITR 723 ( Bom) (HC) ,CIT v. Tip Top Typography ( 2014) 368 ITR 330 ( Bom) (HC)( AY.2011-12)
ITO v. Altitus Management Advisors (P.) Ltd. (2018) 169 ITD 702 (Mum) ( Trib.)
S. 23 : Income from house property – Annual value – Interest free refundable deposit from tenants- Addition cannot be made in respect of notional interest on refundable deposits. [ S.23(1)(b) ]