https://www.taxtmi.com/caselaws?id=118947 The Tribunal dismissed the appeal for the assessment year 1991-92 and partly allowed the appeal for 1992-93 and 1993-94. It remanded the case to the AO to verify the Municipal Rateable Value and the actual rent received, adopting the higher value for annual property assessment. For the disallowance of interest under section 40A(2), the Tribunal directed the AO to verify the nexus between borrowings and advances, disallowing interest only if a direct nexus is established. The Tribunal's decision was based on legal provisions and precedents, ensuring a fair reassessment of both issues. en-us Wed, 20 Jul 2005 00:00:00 +0530 Tue, 23 Apr 2024 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118947 The Tribunal dismissed the appeal for the assessment year 1991-92 and partly allowed the appeal for 1992-93 and 1993-94. It remanded the case to the AO to verify the Municipal Rateable Value and the actual rent received, adopting the higher value for annual property assessment. For the disallowance of interest under section 40A(2), the Tribunal directed the AO to verify the nexus between borrowings and advances, disallowing interest only if a direct nexus is established. The Tribunal's decision was based on legal provisions and precedents, ensuring a fair reassessment of both issues. Case-Laws Income Tax Wed, 20 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118947