Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes.
ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes.
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