2011 (11) TMI 786 - HC - Income Tax

Summary

The High Court of Bombay ruled that notional interest income on security deposit/advance rent is not liable to be included in income from house property under Section 23(1)(a) of the Income Tax Act, 1961. The decision was based on a previous case Commissioner of Income Tax Vs. J.K. Investors (Bombay) Ltd. The Supreme Court dismissed the Revenue's Special Leave Petition against this decision on November 1, 2002. As a result, all three appeals were dismissed by the High Court.