https://www.taxtmi.com/caselaws?id=176365 The Tribunal directed the Assessing Officer to compute the Annual Letting Value (ALV) based on the standard rent or Municipal Rateable Value and actual rent received, emphasizing that reasonable rent can only be the standard rent. It was concluded that fair rent must be determined by considering various factors, especially when the property is exempt from Rent Control legislation. The Tribunal found that the fair rental value should be based on actual rent received, considering factors like interest-free deposits. The issue was remanded for re-determination of fair rent, allowing for deviations from prior decisions when justified by new facts or material oversights. en-us Mon, 06 Jul 2009 00:00:00 +0530 Fri, 29 Sep 2023 22:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176365 The Tribunal directed the Assessing Officer to compute the Annual Letting Value (ALV) based on the standard rent or Municipal Rateable Value and actual rent received, emphasizing that reasonable rent can only be the standard rent. It was concluded that fair rent must be determined by considering various factors, especially when the property is exempt from Rent Control legislation. The Tribunal found that the fair rental value should be based on actual rent received, considering factors like interest-free deposits. The issue was remanded for re-determination of fair rent, allowing for deviations from prior decisions when justified by new facts or material oversights. Case-Laws Income Tax Mon, 06 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176365