https://www.taxtmi.com/caselaws?id=188627 The Tribunal upheld the CIT(A)'s decision in a case concerning the determination of Annual Letting Value (ALV) under sections 23(1)(a) and 23(1)(b) of the Income Tax Act. It was held that ALV should be based on municipal valuation unless actual rent received is higher. The AO's method of determining ALV was deemed unsubstantiated and based on hearsay, leading to the dismissal of the revenue's appeal. The Tribunal emphasized the importance of evidence in tax assessments and affirmed that ALV should be calculated based on actual rent received when exceeding municipal valuation. en-us Fri, 21 Jan 2011 00:00:00 +0530 Fri, 09 Dec 2016 18:18:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188627 The Tribunal upheld the CIT(A)'s decision in a case concerning the determination of Annual Letting Value (ALV) under sections 23(1)(a) and 23(1)(b) of the Income Tax Act. It was held that ALV should be based on municipal valuation unless actual rent received is higher. The AO's method of determining ALV was deemed unsubstantiated and based on hearsay, leading to the dismissal of the revenue's appeal. The Tribunal emphasized the importance of evidence in tax assessments and affirmed that ALV should be calculated based on actual rent received when exceeding municipal valuation. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188627