https://www.taxtmi.com/caselaws?id=119413 The Tribunal ruled in favor of the assessee, concluding that the property in question should have its Annual Letting Value (ALV) computed as NIL under section 23(1)(c) of the Income Tax Act. This decision was based on the fact that the property remained vacant for the entire year, despite the assessee's continuous efforts to let it out. The Tribunal rejected the lower authorities' interpretation and determinations, emphasizing that the term "property is let" should include properties intended for letting but vacant due to the absence of a suitable tenant. The appeals of the assessee were allowed, overturning the previous ALV assessments. en-us Thu, 31 May 2007 00:00:00 +0530 Fri, 09 Feb 2024 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119413 The Tribunal ruled in favor of the assessee, concluding that the property in question should have its Annual Letting Value (ALV) computed as NIL under section 23(1)(c) of the Income Tax Act. This decision was based on the fact that the property remained vacant for the entire year, despite the assessee's continuous efforts to let it out. The Tribunal rejected the lower authorities' interpretation and determinations, emphasizing that the term "property is let" should include properties intended for letting but vacant due to the absence of a suitable tenant. The appeals of the assessee were allowed, overturning the previous ALV assessments. Case-Laws Income Tax Thu, 31 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119413