https://www.taxtmi.com/caselaws?id=218308 The HC upheld the application of Annual Letting Value (ALV) for taxing unsold flats under Income from House Property, affirming that ALV is a valid presumptive method irrespective of actual rental income, favoring the revenue. It ruled that occupation for business exemption requires active use of property in business, not mere possession. The court allowed the assessee's claim for deduction under Section 32AB on interest income, as eligibility was undisputed. Regarding depreciation, the HC confirmed the admissibility of 100% depreciation for plant assets, applying precedent that each bottle qualifies as plant, supporting the assessee's position and rejecting ITAT's contrary findings. en-us Wed, 31 Oct 2012 00:00:00 +0530 Wed, 13 Aug 2025 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218308 The HC upheld the application of Annual Letting Value (ALV) for taxing unsold flats under Income from House Property, affirming that ALV is a valid presumptive method irrespective of actual rental income, favoring the revenue. It ruled that occupation for business exemption requires active use of property in business, not mere possession. The court allowed the assessee's claim for deduction under Section 32AB on interest income, as eligibility was undisputed. Regarding depreciation, the HC confirmed the admissibility of 100% depreciation for plant assets, applying precedent that each bottle qualifies as plant, supporting the assessee's position and rejecting ITAT's contrary findings. Case-Laws Income Tax Wed, 31 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218308