https://www.taxtmi.com/caselaws?id=354368 The appeal by the Revenue challenging the restriction of ALV to 1/3 of the area was partially allowed. The Ld.CIT(A) directed the AO to restrict the addition to the area let out to group concerns, accepting the assessee's explanation based on sections 22 and 23 of the IT Act. The determination of fair rental value was upheld for only 1/3 of the property, aligning with the actual property usage. The interpretation of IT Act sections supported the restriction to the let-out area. The Tribunal affirmed the decision, emphasizing consistency with the accepted claim in previous proceedings for AY 2011-12. en-us Wed, 17 Jan 2018 00:00:00 +0530 Thu, 25 Jan 2018 09:53:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354368 The appeal by the Revenue challenging the restriction of ALV to 1/3 of the area was partially allowed. The Ld.CIT(A) directed the AO to restrict the addition to the area let out to group concerns, accepting the assessee's explanation based on sections 22 and 23 of the IT Act. The determination of fair rental value was upheld for only 1/3 of the property, aligning with the actual property usage. The interpretation of IT Act sections supported the restriction to the let-out area. The Tribunal affirmed the decision, emphasizing consistency with the accepted claim in previous proceedings for AY 2011-12. Case-Laws Income Tax Wed, 17 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354368