https://www.taxtmi.com/caselaws?id=388296 The Tribunal held that the Commissioner of Income Tax (Appeals) was not justified in restricting the addition to Rs. 2,13,216 for notional rental value. The Assessing Officer's determination of the annual rental value at Rs. 7,20,000 based on current market data was upheld. The Tribunal found the AO's method reasonable compared to the CIT(A)'s approach of applying a 10% annual appreciation to a 1994 municipal valuation. The appeal by the assessee was dismissed, and the AO's order was restored. en-us Tue, 01 Oct 2019 00:00:00 +0530 Wed, 13 Nov 2019 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388296 The Tribunal held that the Commissioner of Income Tax (Appeals) was not justified in restricting the addition to Rs. 2,13,216 for notional rental value. The Assessing Officer's determination of the annual rental value at Rs. 7,20,000 based on current market data was upheld. The Tribunal found the AO's method reasonable compared to the CIT(A)'s approach of applying a 10% annual appreciation to a 1994 municipal valuation. The appeal by the assessee was dismissed, and the AO's order was restored. Case-Laws Income Tax Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388296