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The ITAT set aside the first appellate authority's orders and remanded the matter to the AO for fresh determination of the Annual Lettable Value (ALV) of the house property in accordance with the guidelines established by the jurisdictional High Court, emphasizing that the AO must consider the Municipal Ratable Value (MRV) unless compelling reasons exist to reject it. The AO's prior reliance on an expired lease deed without inquiry into MRV was held inadequate. Regarding disallowance under section 14A read with Rule 8D, the AO was directed to verify the assessee's computation and limit the disallowance strictly to investments yielding exempt income during the relevant year. Both grounds were allowed for reconsideration in line with these directions.
The ITAT set aside the first appellate authority's orders and remanded the matter to the AO for fresh determination of the Annual Lettable Value (ALV) of the house property in accordance with the guidelines established by the jurisdictional High Court, emphasizing that the AO must consider the Municipal Ratable Value (MRV) unless compelling reasons exist to reject it. The AO's prior reliance on an expired lease deed without inquiry into MRV was held inadequate. Regarding disallowance under section 14A read with Rule 8D, the AO was directed to verify the assessee's computation and limit the disallowance strictly to investments yielding exempt income during the relevant year. Both grounds were allowed for reconsideration in line with these directions.
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