https://www.taxtmi.com/caselaws?id=3480 The Tribunal upheld the Commissioner of Income-tax (Appeals) decision to delete the addition made under 'Income from house property' by estimating higher rent for a portion rented to M/s. Wool House. It directed that the annual value of the property should be based on the actual rent received from M/s. Wool House, emphasizing the long-standing tenancy and periodic rent enhancements. The Tribunal clarified that section 23(1)(b) applies to the premises occupied by M/s. Wool House, and each year's assessment should be separate, with the annual value determined in accordance with the Income-tax Act provisions. The High Court affirmed the Tribunal's decision, stressing adherence to the Rent Control Act's guidelines. en-us Tue, 18 Sep 2007 00:00:00 +0530 Fri, 12 Jul 2013 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3480 The Tribunal upheld the Commissioner of Income-tax (Appeals) decision to delete the addition made under 'Income from house property' by estimating higher rent for a portion rented to M/s. Wool House. It directed that the annual value of the property should be based on the actual rent received from M/s. Wool House, emphasizing the long-standing tenancy and periodic rent enhancements. The Tribunal clarified that section 23(1)(b) applies to the premises occupied by M/s. Wool House, and each year's assessment should be separate, with the annual value determined in accordance with the Income-tax Act provisions. The High Court affirmed the Tribunal's decision, stressing adherence to the Rent Control Act's guidelines. Case-Laws Income Tax Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3480