https://www.taxtmi.com/caselaws?id=414754 The Tribunal upheld the Assessing Officer's determination of the annual letting value (ALV) at Rs. 7 per square feet for a property leased by the appellant to its sister concern. Despite arguments for a lower value based on reduced rent, the Tribunal considered substantial interest-free security deposits as indicative of the ALV. Additionally, the Tribunal rejected reliance on a certificate from Jigani Gram Panchayat, emphasizing the importance of actual agreed values over municipal assessments. Ultimately, the Tribunal dismissed the appeals, confirming the ALV at Rs. 7 per square feet and rejecting the Jigani Gram Panchayat certificate. en-us Tue, 05 Oct 2021 00:00:00 +0530 Tue, 16 Nov 2021 09:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414754 The Tribunal upheld the Assessing Officer's determination of the annual letting value (ALV) at Rs. 7 per square feet for a property leased by the appellant to its sister concern. Despite arguments for a lower value based on reduced rent, the Tribunal considered substantial interest-free security deposits as indicative of the ALV. Additionally, the Tribunal rejected reliance on a certificate from Jigani Gram Panchayat, emphasizing the importance of actual agreed values over municipal assessments. Ultimately, the Tribunal dismissed the appeals, confirming the ALV at Rs. 7 per square feet and rejecting the Jigani Gram Panchayat certificate. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414754