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Income Tax - Highlights / Catch Notes

Home Highlights November 2021 Year 2021 This

Income from house property - ALV determination - these are the ...

Income Tax

November 23, 2021

Income from house property - ALV determination - these are the guiding factors for determining the annual rental value of the property and any deviation from the same is to be based on evidence showing that it is wrong. We find the entire exercise of the Revenue Authorities in the present case for determining the annual ALV of the property as being arbitrary. No reason has been given for adopting the fair rent determined by the valuer as against the municipal valuation or of the standard rent of the property, which has not even been determined in the present case. - AT

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