https://www.taxtmi.com/caselaws?id=12095 The court ruled in favor of the Revenue regarding the Tribunal's observation on the standard rent being perverse. However, the court sided with the assessee on determining the annual value based on actual rent received rather than a notional higher value. The Tribunal's estimation of the annual letting value at Rs. 10,800 was upheld as justified, and the Assessing Officer's determination of Rs. 54,000 was not upheld. The court emphasized that actual rent received should be the basis for valuation under section 23(1)(a) of the Income-tax Act. en-us Wed, 09 Oct 2002 00:00:00 +0530 Tue, 16 Feb 2010 19:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12095 The court ruled in favor of the Revenue regarding the Tribunal's observation on the standard rent being perverse. However, the court sided with the assessee on determining the annual value based on actual rent received rather than a notional higher value. The Tribunal's estimation of the annual letting value at Rs. 10,800 was upheld as justified, and the Assessing Officer's determination of Rs. 54,000 was not upheld. The court emphasized that actual rent received should be the basis for valuation under section 23(1)(a) of the Income-tax Act. Case-Laws Income Tax Wed, 09 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12095