https://www.taxtmi.com/caselaws?id=776491 The ITAT Mumbai set aside the first appellate order and directed the AO to determine the Annual Lettable Value (ALV) of the property based on Municipal Ratable Value (MRV) in accordance with the Bombay HC ruling in Tip Top Typography, noting the AO had failed to verify MRV and relied solely on an expired lease deed. The matter was remanded for fresh determination of ALV following the HC guidelines. Regarding disallowance under section 14A read with Rule 8D, the AO was instructed to verify the assessee's calculation and limit disallowance only to investments yielding exempt income during the year. Both grounds were allowed for statistical purposes. en-us Fri, 18 Jul 2025 00:00:00 +0530 Tue, 12 Aug 2025 08:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776491 The ITAT Mumbai set aside the first appellate order and directed the AO to determine the Annual Lettable Value (ALV) of the property based on Municipal Ratable Value (MRV) in accordance with the Bombay HC ruling in Tip Top Typography, noting the AO had failed to verify MRV and relied solely on an expired lease deed. The matter was remanded for fresh determination of ALV following the HC guidelines. Regarding disallowance under section 14A read with Rule 8D, the AO was instructed to verify the assessee's calculation and limit disallowance only to investments yielding exempt income during the year. Both grounds were allowed for statistical purposes. Case-Laws Income Tax Fri, 18 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776491