https://www.taxtmi.com/caselaws?id=351270 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) decision directing the Assessing Officer to determine the Annual Lettable Value (ALV) of a vacant property based on the Municipal Rateable Value, enhanced by 5% annually. The ITAT found the Assessing Officer's reliance on an inspector's report and website data to be insufficient and confirmed the ALV at Rs. 4,86,834/- for the relevant assessment year. Both the assessee's and Revenue's appeals were dismissed, emphasizing the reliability of Municipal Rateable Value unless substantial evidence suggests otherwise. en-us Tue, 14 Nov 2017 00:00:00 +0530 Wed, 22 Nov 2017 08:25:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351270 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) decision directing the Assessing Officer to determine the Annual Lettable Value (ALV) of a vacant property based on the Municipal Rateable Value, enhanced by 5% annually. The ITAT found the Assessing Officer's reliance on an inspector's report and website data to be insufficient and confirmed the ALV at Rs. 4,86,834/- for the relevant assessment year. Both the assessee's and Revenue's appeals were dismissed, emphasizing the reliability of Municipal Rateable Value unless substantial evidence suggests otherwise. Case-Laws Income Tax Tue, 14 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351270