AO can’t estimate ALV of property without providing any reasonable working determining such value: ITAT

INCOME TAX : Where assessee in return had not shown any rental income of his property and submitted that property was very old and partly damaged and not in a condition to be let out and Assessing Officer rejected explanation and estimated annual letting value of property at Rs. 12 lacs, since Assessing Officer had not based estimate on any reasonable working in determining annual letting value, appeal filed by assessee deserved to be allowedINCOME TAX : Where assessee in return had not shown any rental income of his property and submitted that property was very old and partly damaged and not in a condition to be let out and Assessing Officer rejected explanation and estimated annual letting value of property at Rs. 12 lacs, since Assessing Officer had not based estimate on any reasonable working in determining annual letting value, appeal filed by assessee deserved to be allowedwww.taxmann.com Latest Case LawsRead More

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