Assessee owning flat and giving to Non-resident director for residence as well as carrying on business therein. Tribunal held that flat a business asset used partly for business and partly for residence of both shareholder directors, notional income from property cannot be assessed as income from house property. (AY.2013-14)
Record Investments and Leasing Pvt. Ltd. v. ITO (2020) 77 ITR 76 (SMC) (SN) (Mum.)(Trib.)
S. 23 : Income from house property-Business income-Annual letting value-Non-resident Director-Flat used as residence as well as carrying on business–Notional value from property cannot be assessed as income from house property. [S.22, 23(1), 23(4), 28(i)]