Tuesday, 4 November 2014

Reassessment to tax income from house property upheld as ALV of property assessed at higher rate in

IT : Where Assessing Officer having completed assessment taking rental value of property at a particular amount, initiated reassessment proceedings finding that in earlier assessment year rental value accompanied by interest free deposit had been assessed at higher amount and said annual value would have only witnessed an increase during intervening period of two years, validity of proceedings so initiated deserved to be upheld


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