https://www.taxtmi.com/caselaws?id=449375 The ITAT Hyderabad ruled on two issues for the assessee. Regarding annual letting value (ALV) determination for vacant commercial property, the Tribunal dismissed the assessee's appeal. For 3,000 sft on 1st and 2nd floors, ALV was set at Rs. 38/sft. For 12,000 sft on 3rd and 4th floors, despite acknowledging these floors would fetch lower rent due to lack of lift access and remote location, the Tribunal upheld the AO's determination citing the assessee's failure to respond to rejoinder and dismissal of similar appeal for AY 2012-13. On unexplained cash deposits under section 68, the Tribunal ruled in favor of the assessee, finding no addition warranted since the assessee demonstrated cash availability and source through partnership firm withdrawal and same-day bank deposit. en-us Thu, 18 Jan 2024 00:00:00 +0530 Sat, 10 Feb 2024 07:44:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449375 The ITAT Hyderabad ruled on two issues for the assessee. Regarding annual letting value (ALV) determination for vacant commercial property, the Tribunal dismissed the assessee's appeal. For 3,000 sft on 1st and 2nd floors, ALV was set at Rs. 38/sft. For 12,000 sft on 3rd and 4th floors, despite acknowledging these floors would fetch lower rent due to lack of lift access and remote location, the Tribunal upheld the AO's determination citing the assessee's failure to respond to rejoinder and dismissal of similar appeal for AY 2012-13. On unexplained cash deposits under section 68, the Tribunal ruled in favor of the assessee, finding no addition warranted since the assessee demonstrated cash availability and source through partnership firm withdrawal and same-day bank deposit. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449375