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TMI Blog2007 (12) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... e Revenue against the order dated February 9, 2001, passed by the Tribunal in I. T. A. No. 430(Del)/1998 for the assessment year 1995-96. Since both the appeals raise an identical question; they are being disposed of by this common judgment. 2. The question sought to be urged by the Revenue in both appeals is as follows: "Whether the Tribunal was justified in law in holding that the notional interest on refundable interest free deposit received by the assessee in respect of a shop let out on rent was neither taxable as business profit under section 28(iv) of the Income-tax Act, 1961 (the Act) nor income from house property under section 23(1)(a) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the. Commissioner of Income-tax relying upon its order in the case of the assessee. itself for the assessment year 2000-01. 6. Ms. Prem Lata Bansal, learned senior standing counsel for the. Revenue refers to the relevant statutory provisions and submits that it is. inconceivable that the assessee received the interest free deposit in. respect of the premises let out on rent without any benefit accruing to it. The value of such benefit had been reasonably determined by the Assessing. Officer and, therefore, the subsequent order of the reversal of the Tribunal. was incorrect in law. According to her, the decision of the Tribunal in. Bharat Hotels Ltd. v. Deputy CIT [1995] 53 ITD 450 (Delhi) was. distinguishable on facts and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d (irrespective of the previous year in which the liability to pay such taxes was incurred by the owner according to the method of accounting regularly employed by him) in determining the annual value of the property of that previous year in which such taxes are actually paid by him. Explanation. - For the purposes of clause (b) or clause (c) of this sub-section, the amount of actual rent received or receivable by the owner shall not include, subject to such rules as may be made in this behalf, the amount of rent which the owner cannot realise. 28. Profits and gains of business or profession. - The following income shall be chargeable to income-tax under the head 'Profits and gains of business or profession', - …. (iv) the value of any b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. This contemplates the possible rent that the property might fetch and not certainly the interest in fixed deposit that may be placed by the tenant with the landlord in connection with the letting out of such property. It must be remembered that in a taxing statute it would be unsafe for the court to go beyond the letter of the law and try to read into the provision more than what is already pro vided for. The attempt by learned counsel for the Revenue to draw an analogy from the Wealth-tax Act, 1957, is also of no avail. It is an admitted position that there is a specific provision in the Wealth-tax Act which provides for considering of a notional interest whereas section 23(1) (a) contains no such specific provision. 11. We, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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