https://www.taxtmi.com/caselaws?id=259601 The Revenue's appeal for AY 2005-06 was dismissed, while the assessee's appeals for all assessment years were partly allowed. The Tribunal upheld the CIT(A)'s method for Annual Letting Value (ALV) computation, based on a lower interest rate. The AO was directed to recalculate ALV and interest. Penalty initiation and interest withdrawal issues were not pressed and rejected. The Tribunal also ruled in favor of the assessee on the calculation of notional income for partially vacant property and the treatment of revenue expenditure as capital expenditure. en-us Fri, 17 Apr 2015 00:00:00 +0530 Fri, 15 May 2015 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259601 The Revenue's appeal for AY 2005-06 was dismissed, while the assessee's appeals for all assessment years were partly allowed. The Tribunal upheld the CIT(A)'s method for Annual Letting Value (ALV) computation, based on a lower interest rate. The AO was directed to recalculate ALV and interest. Penalty initiation and interest withdrawal issues were not pressed and rejected. The Tribunal also ruled in favor of the assessee on the calculation of notional income for partially vacant property and the treatment of revenue expenditure as capital expenditure. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259601