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TMI Blog2011 (11) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... y is assessable under the head “income from house property” and not income from business. See M/s. Shambhu Investment [2003 (1) TMI 99 - SUPREME Court]. Computing the annual letting value (ALV) notional interest on the interest free deposits cannot be added - Held that:- This issue also stands covered in favour of the assessee by the decision of the Hon’ble High Court of Delhi (Full Bench) in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. We have heard the parties. The Ld. Counsel submits that so far as the issue arising from ground nos. 1 to 3 are concerned, the same is covered against the assessee by the decision of the Tribunal in assessee s own case for the A.Ys. 2003-04, 2005-06 2006-07. The Ld. Counsel filed the Tribunal order which is placed on record. We find that this issue stands covered against the assessee by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eneral in nature. Hence no adjudication is required. 6. Now, we take-up revenue s appeal being ITA 5386 of 2008. 7. The revenue has raised grievance against the findings of the Ld. CIT (A) that while computing the annual letting value (ALV) notional interest on the interest free deposits cannot be added. 8. We have heard the parties. We find that the identical issue has been considered by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ws:- 25. For the reasons given above, we hold that the annual value (also referred to as municipal valuation / rateable value) adopted by the municipal authorities in respect of the property of ₹ 27,50,835 should be the determining factor for applying the provisions of sec.23(1)(a) of the Act. Since the rent received by the Assessee was more than the sum for which the property might re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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