https://www.taxtmi.com/caselaws?id=120991 Section 23(1)(c) governs annual value where a let property remains vacant during the relevant previous year and the actual rent is lower than the notional value under section 23(1)(a), so the vacancy-based computation applies in preference to the general rule. For inherited shares and securities, section 49 deems the cost of acquisition to be that of the previous owner, and indexation under section 48 must follow the same acquisition base year; the indexed cost cannot be split between different years. The farm house rental issue at Masudpur was not finally determined on the existing record and required fresh examination by the Assessing Officer, including the claim concerning agricultural income. en-us Fri, 31 Aug 2007 00:00:00 +0530 Fri, 12 Jan 2024 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120991 Section 23(1)(c) governs annual value where a let property remains vacant during the relevant previous year and the actual rent is lower than the notional value under section 23(1)(a), so the vacancy-based computation applies in preference to the general rule. For inherited shares and securities, section 49 deems the cost of acquisition to be that of the previous owner, and indexation under section 48 must follow the same acquisition base year; the indexed cost cannot be split between different years. The farm house rental issue at Masudpur was not finally determined on the existing record and required fresh examination by the Assessing Officer, including the claim concerning agricultural income. Case-Laws Income Tax Fri, 31 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120991