https://www.taxtmi.com/caselaws?id=69815 The Tribunal clarified that "taxes levied" in section 23(1) of the IT Act should refer to the actual tax demanded, regardless of the year it pertains to. It emphasized that annual property value, now based on actual rent received, allows for the deduction of actual taxes levied in the previous year, even if they relate to earlier periods. The Tribunal justified the deduction of taxes levied by local authorities in computing annual property value, overturning lower authorities' decisions in favor of the assessee in both cases. Ultimately, one appeal was dismissed, and another was allowed based on these principles. en-us Thu, 30 Apr 1981 00:00:00 +0530 Tue, 12 Apr 2011 12:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69815 The Tribunal clarified that "taxes levied" in section 23(1) of the IT Act should refer to the actual tax demanded, regardless of the year it pertains to. It emphasized that annual property value, now based on actual rent received, allows for the deduction of actual taxes levied in the previous year, even if they relate to earlier periods. The Tribunal justified the deduction of taxes levied by local authorities in computing annual property value, overturning lower authorities' decisions in favor of the assessee in both cases. Ultimately, one appeal was dismissed, and another was allowed based on these principles. Case-Laws Income Tax Thu, 30 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69815