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The ITAT addressed the determination of Annual Letting Value (ALV) under Section 23(1)(a) for unsold property units held as stock-in-trade. Relying on precedents from Bombay and Delhi High Courts, the tribunal mandated that notional rent calculation must align with municipal laws, considering potential rent inflation or deflation, without exceeding standard rent under applicable Rent Control Legislation. The tribunal directed the Assessing Officer to determine notional rent using established valuation methods, specifically referencing decisions in Tip Top Typography and Inorbit Malls. The ruling emphasizes a nuanced approach to calculating hypothetical rental income, ensuring compliance with municipal valuation principles and statutory guidelines.
The ITAT addressed the determination of Annual Letting Value (ALV) under Section 23(1)(a) for unsold property units held as stock-in-trade. Relying on precedents from Bombay and Delhi High Courts, the tribunal mandated that notional rent calculation must align with municipal laws, considering potential rent inflation or deflation, without exceeding standard rent under applicable Rent Control Legislation. The tribunal directed the Assessing Officer to determine notional rent using established valuation methods, specifically referencing decisions in Tip Top Typography and Inorbit Malls. The ruling emphasizes a nuanced approach to calculating hypothetical rental income, ensuring compliance with municipal valuation principles and statutory guidelines.
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