https://www.taxtmi.com/caselaws?id=353549 The Tribunal upheld the Assessing Officer's determination of the Annual Letting Value (ALV) at Rs. 51,00,000/- based on comparable rents, departing from the municipal rateable value. The Commissioner of Income Tax (Appeals) had considered the municipal rateable value as the basis for ALV, but the Tribunal found the AO's approach justified, citing reliable material. The Revenue's appeal was allowed, emphasizing adherence to the Bombay High Court's decision over previous Tribunal decisions. The AO's order was restored, setting aside the CIT(A)'s order, with the judgment pronounced on 01.01.2018. en-us Mon, 01 Jan 2018 00:00:00 +0530 Sun, 07 Jan 2018 08:40:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353549 The Tribunal upheld the Assessing Officer's determination of the Annual Letting Value (ALV) at Rs. 51,00,000/- based on comparable rents, departing from the municipal rateable value. The Commissioner of Income Tax (Appeals) had considered the municipal rateable value as the basis for ALV, but the Tribunal found the AO's approach justified, citing reliable material. The Revenue's appeal was allowed, emphasizing adherence to the Bombay High Court's decision over previous Tribunal decisions. The AO's order was restored, setting aside the CIT(A)'s order, with the judgment pronounced on 01.01.2018. Case-Laws Income Tax Mon, 01 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353549