https://www.taxtmi.com/caselaws?id=213713 The Tribunal partly allowed the appeal regarding the computation of house property income for the assessment year 2006-07. It upheld the Annual Letting Value (ALV) determination based on a return on investment but emphasized the need for reevaluation using Municipal Rateable Value (MRV) and local comparative cases for fair rent determination. Vacancy allowance was disallowed due to the property not being let out, and the exclusion of business area was permitted for a partnership firm but not for a company. The matter was remanded to the Assessing Officer for fresh consideration of the ALV determination. en-us Wed, 16 May 2012 00:00:00 +0530 Wed, 30 May 2012 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213713 The Tribunal partly allowed the appeal regarding the computation of house property income for the assessment year 2006-07. It upheld the Annual Letting Value (ALV) determination based on a return on investment but emphasized the need for reevaluation using Municipal Rateable Value (MRV) and local comparative cases for fair rent determination. Vacancy allowance was disallowed due to the property not being let out, and the exclusion of business area was permitted for a partnership firm but not for a company. The matter was remanded to the Assessing Officer for fresh consideration of the ALV determination. Case-Laws Income Tax Wed, 16 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213713