https://www.taxtmi.com/caselaws?id=16233 HC upheld the ITAT's order setting aside the Commissioner's revision under s.263. It held that the Assessing Officer had correctly adopted the actual rent received as the annual value under s.23(1), based on relevant materials, and that the mere fact that the properties were let to sister concerns did not make the tenancies artificial. The Commissioner had not conducted any concrete enquiry into actual or fair rental value under the State Rent Control law and had proceeded only on a general assumption of increased rentals. As no error in the original assessment was demonstrated, exercise of s.263 jurisdiction was held unjustified and the reference was answered in favour of the assessee. en-us Wed, 22 Apr 1998 00:00:00 +0530 Wed, 17 Dec 2025 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16233 HC upheld the ITAT's order setting aside the Commissioner's revision under s.263. It held that the Assessing Officer had correctly adopted the actual rent received as the annual value under s.23(1), based on relevant materials, and that the mere fact that the properties were let to sister concerns did not make the tenancies artificial. The Commissioner had not conducted any concrete enquiry into actual or fair rental value under the State Rent Control law and had proceeded only on a general assumption of increased rentals. As no error in the original assessment was demonstrated, exercise of s.263 jurisdiction was held unjustified and the reference was answered in favour of the assessee. Case-Laws Income Tax Wed, 22 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16233