https://www.taxtmi.com/caselaws?id=237913 The tribunal upheld the CIT(A)'s decision to restrict the Annual Let-out Value (ALV) of a house property to Rs. 16,000 instead of Rs. 24,000, citing lack of basis for the higher ALV by the Assessing Officer. Additionally, the tribunal allowed the set-off of business loss claimed in a proprietorship concern and directed the treatment of long term capital gain as exempt under section 10(38) of the Act, based on consistency in decisions and adherence to legal precedents. The department's appeal was dismissed on all grounds, emphasizing the importance of maintaining uniformity in treatment across different assessment years. en-us Wed, 09 Oct 2013 00:00:00 +0530 Fri, 11 Oct 2013 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237913 The tribunal upheld the CIT(A)'s decision to restrict the Annual Let-out Value (ALV) of a house property to Rs. 16,000 instead of Rs. 24,000, citing lack of basis for the higher ALV by the Assessing Officer. Additionally, the tribunal allowed the set-off of business loss claimed in a proprietorship concern and directed the treatment of long term capital gain as exempt under section 10(38) of the Act, based on consistency in decisions and adherence to legal precedents. The department's appeal was dismissed on all grounds, emphasizing the importance of maintaining uniformity in treatment across different assessment years. Case-Laws Income Tax Wed, 09 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237913