https://www.taxtmi.com/caselaws?id=241700 The Appellate Tribunal ITAT Mumbai allowed both appeals of the assessee, emphasizing the importance of considering the actual rent received when determining the Annual Letting Value (ALV) of a property. The Tribunal clarified that the actual rent declared by the assessee should represent the ALV if it exceeds the expected rent, based on legal precedents and legislative intent. It highlighted the relevance of municipal valuations and actual rental income in assessing property income, directing the Assessing Officer to consider the rent actually received by the assessee as the ALV. en-us Fri, 20 Dec 2013 00:00:00 +0530 Mon, 30 Dec 2013 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241700 The Appellate Tribunal ITAT Mumbai allowed both appeals of the assessee, emphasizing the importance of considering the actual rent received when determining the Annual Letting Value (ALV) of a property. The Tribunal clarified that the actual rent declared by the assessee should represent the ALV if it exceeds the expected rent, based on legal precedents and legislative intent. It highlighted the relevance of municipal valuations and actual rental income in assessing property income, directing the Assessing Officer to consider the rent actually received by the assessee as the ALV. Case-Laws Income Tax Fri, 20 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241700