https://www.taxtmi.com/caselaws?id=172521 The Tribunal set aside the CIT(A)'s order and remitted the case to the AO to verify the Municipal rateable value. If the rateable value is below Rs. 3,60,000, the actual rent received will be taxed; otherwise, the matter will be decided as per law. The appeal was allowed for statistical purposes, emphasizing that the annual value under section 23(1)(a) cannot exceed the Municipal valuation, aligning with precedent cases and interpretations. en-us Wed, 31 Mar 2010 00:00:00 +0530 Mon, 24 Aug 2015 16:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172521 The Tribunal set aside the CIT(A)'s order and remitted the case to the AO to verify the Municipal rateable value. If the rateable value is below Rs. 3,60,000, the actual rent received will be taxed; otherwise, the matter will be decided as per law. The appeal was allowed for statistical purposes, emphasizing that the annual value under section 23(1)(a) cannot exceed the Municipal valuation, aligning with precedent cases and interpretations. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172521