DCIT vs Harsh Jain

Authority: ITAT Tribunal/Court: Mumbai Date: 2018-10-31 AY: 2011-12, 2012-13 Section: 23(1)(a), 6, 154(1), 23, 139, 24 Acts: Income Tax Act 1961, Bombay Municipal Corporation Act 1888, Maharashtra Rent Control Act 1999 Result: Assessee Citation: 1118Taxpundit56 Justices: B. R. BASKARAN, AM & AMARJIT SINGH, JM Appeal No: I.T.A. Nos.3668 & 3748/Mum/2017
Whether the Annual Letting Value (ALV) of a vacant property should be determined based on municipal rateable value or market rent estimated by the Assessing Officer --- Held: Municipal rateable value, with a 5% annual increase, is the proper yardstick.

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