2013 (7) TMI 472

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..... ER OF INCOME TAX, Versus MONI KUMAR SUBBA & Miracle Exporters P. Ltd. [2011 (3) TMI 497 - DELHI HIGH COURT] - Decided against Revenue. - I.T.A. No.5500/Mum/2010 - - - Dated:- 6-1-2012 - Shri R. S. Syal (AM) And Shri Vijay Pal Rao (JM),JJ. For the Appellant : Shri O. A. Mao For the Respondent : None ORDER Per R. S. Syal, AM :- This appeal by the Revenue arises out of the order p .....

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..... and half of the second floor of the building to Tata Finance Ltd. on a monthly rent of Rs.50,000/- each with security deposit of Rs.95.00 lac. Tata Finance Ltd. entered into another agreement with Behram B. Dubhash and Darab D. Dubhash who became guarantors to the assessee firm. They took Rs.5.80 crores from Tata Finance Ltd. The AO noted that both the guarantors sons are the main beneficiaries o .....

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..... assessee. Invoking the provisions of sec. 23(1)(a), the AO added 10% on a total of Rs.3 crores as notional interest to the annual letting value as income from house property. The ld. CIT(A), relying on some Tribunal order in assessee s favour, as approved by the Hon ble Bombay High Court in the case of CIT vs. J.K.Investors (238 ITR 273), overturned the assessment order on this point. 4. The Re .....

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