https://www.taxtmi.com/caselaws?id=117563 The Tribunal partly allowed the revenue's appeal, remanding the matter to the Assessing Officer for a fresh assessment of the Annual Letting Value (ALV) of the property. The Tribunal emphasized that the ALV should be determined objectively based on standard rent or actual rent received, with notional interest on security deposits only relevant if proven to be a colorable device. The decision underscored the importance of legal principles in ALV calculations under section 23 of the Income-tax Act, 1961. en-us Fri, 29 Apr 2005 00:00:00 +0530 Mon, 25 Jun 2012 10:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117563 The Tribunal partly allowed the revenue's appeal, remanding the matter to the Assessing Officer for a fresh assessment of the Annual Letting Value (ALV) of the property. The Tribunal emphasized that the ALV should be determined objectively based on standard rent or actual rent received, with notional interest on security deposits only relevant if proven to be a colorable device. The decision underscored the importance of legal principles in ALV calculations under section 23 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 29 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117563