ALV of house property computed on basis of Municipal value not to be substituted with expected rent: ITAT

IT: Where AO sought to reopen assessment after expiry of four years from end of relevant year on ground that assessee owned two house properties and, thus, one of said house property was to be treated as deemed let out and annual lettable value of said house property was to be determined as provided under section 23(1), since all relevant facts were brought on record at time of assessment, in view of proviso to sec. 147, impugned reassessment proceedings deserved to be set aside

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