https://www.taxtmi.com/caselaws?id=403356 The Tribunal allowed the appeal, condoning the delay in filing and directing the AO to adopt the deemed rental value based on municipal valuation for determining the Annual Letting Value (ALV) of the property. The Tribunal found the Assessing Officer's estimation method for rental income to be inconsistent with established principles and directed the adoption of the assessee's approach. Consequently, the addition of deemed rental income was set aside, and the ALV was determined at Rs. 8,400 in line with municipal valuation. en-us Thu, 14 Jan 2021 00:00:00 +0530 Wed, 27 Jan 2021 14:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403356 The Tribunal allowed the appeal, condoning the delay in filing and directing the AO to adopt the deemed rental value based on municipal valuation for determining the Annual Letting Value (ALV) of the property. The Tribunal found the Assessing Officer's estimation method for rental income to be inconsistent with established principles and directed the adoption of the assessee's approach. Consequently, the addition of deemed rental income was set aside, and the ALV was determined at Rs. 8,400 in line with municipal valuation. Case-Laws Income Tax Thu, 14 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403356