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2014 (6) TMI 104 - AT - Income TaxAddition of notional annual value – Deemed let out u/s 23(4) r.w.s. 23(1) of the Act – Held that:- House nos.3 & 4 were alternatively opted for deemed to be let out - CIT(A) had taken fair market value of the both immovable property for determining ALV – Relying upon Shailesh I Shah vs. ITO [2011 (2) TMI 1310 - ITAT MUMBAI] - in case of self-occupied property, municipal retable value has to be adopted for the purpose of ALV - the municipal reteable value as ALV of the property as against Rs.3 lacs estimated by him - The AO himself has accepted that husband of the assessee, namely, Shri Gautambhai K. Desai who has 50% share in the said properties ALV on the basis of Municipal ratable value- the AO should assess ALV on the basis of Municipal ratable Value – Decided in favour of Assessee.
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