https://www.taxtmi.com/highlights?id=94016 ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes. en-us Mon, 10 Nov 2025 08:56:07 +0530 Mon, 10 Nov 2025 08:56:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94016 ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes. Highlights Income Tax Mon, 10 Nov 2025 08:56:07 +0530 https://www.taxtmi.com/highlights?id=94016