https://www.taxtmi.com/caselaws?id=278235 The Tribunal partially allowed the appeal by ruling that the sale proceeds of paintings claimed to be gifted were not taxable as business income, deleting the addition of Rs. 50 lakhs. The issue of unexplained income from the sale of paintings was set aside for further verification. Regarding the adoption of Annual Lettable Value (ALV) for deemed let-out properties, the Tribunal directed the AO to compute the deemed rent based on the Municipal rateable value. en-us Fri, 11 May 2018 00:00:00 +0530 Sat, 19 Jan 2019 07:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278235 The Tribunal partially allowed the appeal by ruling that the sale proceeds of paintings claimed to be gifted were not taxable as business income, deleting the addition of Rs. 50 lakhs. The issue of unexplained income from the sale of paintings was set aside for further verification. Regarding the adoption of Annual Lettable Value (ALV) for deemed let-out properties, the Tribunal directed the AO to compute the deemed rent based on the Municipal rateable value. Case-Laws Income Tax Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278235