https://www.taxtmi.com/caselaws?id=189012 The Tribunal upheld the CIT(A)'s order directing the Assessing Officer not to consider notional interest on interest-free deposits while computing the Annual Letting Value (ALV) of the property. The Tribunal emphasized that the annual value should be based on municipal valuation or actual rent received, not on notional interest. The decision was based on precedents, including the Supreme Court's rulings, highlighting that the annual value should reflect standard rent or municipal valuation. The Tribunal dismissed the appeal by the AO, affirming the CIT(A)'s decision. en-us Fri, 07 Jan 2011 00:00:00 +0530 Fri, 23 Dec 2016 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189012 The Tribunal upheld the CIT(A)'s order directing the Assessing Officer not to consider notional interest on interest-free deposits while computing the Annual Letting Value (ALV) of the property. The Tribunal emphasized that the annual value should be based on municipal valuation or actual rent received, not on notional interest. The decision was based on precedents, including the Supreme Court's rulings, highlighting that the annual value should reflect standard rent or municipal valuation. The Tribunal dismissed the appeal by the AO, affirming the CIT(A)'s decision. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189012