https://www.taxtmi.com/caselaws?id=367951 The Tribunal ruled in favor of the assessee for assessment years 2011-12 and 2012-13, holding that the Annual Letting Value (ALV) of vacant office premises should be computed as Nil under Section 23(1)(c) of the Act, rejecting the Assessing Officer's determination based on Section 23(1)(a). The Tribunal emphasized that the term "property is let" in Section 23(1)(c) includes properties intended for letting that remained vacant. Consequently, the deemed rents adopted by the Assessing Officer for the vacant office premises were vacated. The Tribunal also dismissed the ground regarding the calculation of profit on the sale of office units as not pressed. en-us Wed, 19 Sep 2018 00:00:00 +0530 Fri, 28 Sep 2018 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367951 The Tribunal ruled in favor of the assessee for assessment years 2011-12 and 2012-13, holding that the Annual Letting Value (ALV) of vacant office premises should be computed as Nil under Section 23(1)(c) of the Act, rejecting the Assessing Officer's determination based on Section 23(1)(a). The Tribunal emphasized that the term "property is let" in Section 23(1)(c) includes properties intended for letting that remained vacant. Consequently, the deemed rents adopted by the Assessing Officer for the vacant office premises were vacated. The Tribunal also dismissed the ground regarding the calculation of profit on the sale of office units as not pressed. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367951