https://www.taxtmi.com/caselaws?id=762113 ITAT Delhi ruled on section 153A assessment concerning income from house property additions. For assessment years 2013-14 and 2014-15, the tribunal found no incriminating material during search as properties were already disclosed in trust's balance sheet and family discussions began only in February 2015. These being unabated assessment years, additions were deleted. For 2015-16 and 2016-17, incriminating material existed showing commercial exploitation by beneficiary. For Goa property, annual lettable value was set at Rs.8.39 lakhs with 30% standard deduction. For Gurugram property, ALV was directed to be computed at 5% of investment value after finding property wasn't commercially viable for letting. en-us Wed, 20 Nov 2024 00:00:00 +0530 Fri, 22 Nov 2024 08:05:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762113 ITAT Delhi ruled on section 153A assessment concerning income from house property additions. For assessment years 2013-14 and 2014-15, the tribunal found no incriminating material during search as properties were already disclosed in trust's balance sheet and family discussions began only in February 2015. These being unabated assessment years, additions were deleted. For 2015-16 and 2016-17, incriminating material existed showing commercial exploitation by beneficiary. For Goa property, annual lettable value was set at Rs.8.39 lakhs with 30% standard deduction. For Gurugram property, ALV was directed to be computed at 5% of investment value after finding property wasn't commercially viable for letting. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762113