https://www.taxtmi.com/highlights?id=91732 HC dismissed the assessee's challenge and upheld the concurrent findings of the AO, CIT(A) and ITAT that the premises' annual value under s.23 was Rs.22,00,000. The court held the assessee could not rely on developer/society letters not pressed before the tribunal and had failed to prove any municipal rateable value; the doctrine of standard rent was inapplicable as no statutory tenancy under rent control existed. The AO permissibly conducted an independent enquiry, considering comparable instances, overdraft return and the usufructual effect of a substantial security deposit; notional interest alone could not determine annual value. Decision against the assessee. en-us Wed, 20 Aug 2025 18:56:31 +0530 Wed, 20 Aug 2025 18:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91732 HC dismissed the assessee's challenge and upheld the concurrent findings of the AO, CIT(A) and ITAT that the premises' annual value under s.23 was Rs.22,00,000. The court held the assessee could not rely on developer/society letters not pressed before the tribunal and had failed to prove any municipal rateable value; the doctrine of standard rent was inapplicable as no statutory tenancy under rent control existed. The AO permissibly conducted an independent enquiry, considering comparable instances, overdraft return and the usufructual effect of a substantial security deposit; notional interest alone could not determine annual value. Decision against the assessee. Highlights Income Tax Wed, 20 Aug 2025 18:56:31 +0530 https://www.taxtmi.com/highlights?id=91732