https://www.taxtmi.com/caselaws?id=769111 The ITAT Mumbai held that for let out property, when actual rent received is less than municipal rateable value, the higher of municipal value and actual rent should be adopted as annual letable value. The CIT(A)'s direction to adopt municipal rateable value was upheld, following coordinate bench precedent. Regarding transfer fee taxability, the tribunal ruled that transfer fee/amenities fee receipts cannot be taxed as income, relying on SC precedent in ITO vs. Venkatesh Premises Co-operative Society Ltd. Both grounds were decided in favor of the assessee based on established judicial precedents. en-us Thu, 29 Aug 2024 00:00:00 +0530 Fri, 18 Apr 2025 11:46:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769111 The ITAT Mumbai held that for let out property, when actual rent received is less than municipal rateable value, the higher of municipal value and actual rent should be adopted as annual letable value. The CIT(A)'s direction to adopt municipal rateable value was upheld, following coordinate bench precedent. Regarding transfer fee taxability, the tribunal ruled that transfer fee/amenities fee receipts cannot be taxed as income, relying on SC precedent in ITO vs. Venkatesh Premises Co-operative Society Ltd. Both grounds were decided in favor of the assessee based on established judicial precedents. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769111