https://www.taxtmi.com/caselaws?id=264072 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision in favor of the co-owners regarding the determination of Annual Value for income assessment under 'income from house property.' The Tribunal found the co-owners' actual rent reasonable compared to the Municipal Ratable Value, rejecting the Assessing Officer's reliance on a neighboring property's higher rent. The decision was consistent with precedents and emphasized the unique circumstances of the rental agreement in question. en-us Wed, 19 Aug 2015 00:00:00 +0530 Wed, 09 Sep 2015 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264072 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision in favor of the co-owners regarding the determination of Annual Value for income assessment under 'income from house property.' The Tribunal found the co-owners' actual rent reasonable compared to the Municipal Ratable Value, rejecting the Assessing Officer's reliance on a neighboring property's higher rent. The decision was consistent with precedents and emphasized the unique circumstances of the rental agreement in question. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264072