https://www.taxtmi.com/caselaws?id=233638 The Tribunal allowed the appeal, ruling that no addition for notional interest on interest-free deposits should be made to the Annual Letting Value (ALV) of a property leased to Canara Bank and ONGC. It held that the Assessing Officer's inclusion of notional interest in ALV was incorrect, emphasizing the importance of legal principles and consistency in ALV determination. The Tribunal rejected the Commissioner of Income-tax (Appeals) directions to adjust ALV using internet data and cost inflation index, stating they lacked legal basis. Additionally, it upheld the principle of consistency in treating co-owners' shares in ALV calculation, concluding that the ALV declared by the assessee should be accepted without further adjustments. en-us Tue, 09 Apr 2013 00:00:00 +0530 Thu, 09 May 2013 06:16:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233638 The Tribunal allowed the appeal, ruling that no addition for notional interest on interest-free deposits should be made to the Annual Letting Value (ALV) of a property leased to Canara Bank and ONGC. It held that the Assessing Officer's inclusion of notional interest in ALV was incorrect, emphasizing the importance of legal principles and consistency in ALV determination. The Tribunal rejected the Commissioner of Income-tax (Appeals) directions to adjust ALV using internet data and cost inflation index, stating they lacked legal basis. Additionally, it upheld the principle of consistency in treating co-owners' shares in ALV calculation, concluding that the ALV declared by the assessee should be accepted without further adjustments. Case-Laws Income Tax Tue, 09 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233638