AO cannot simply deny claim of Assessee of use of premises for business without investigation

Anilbhai Chunilal Bhayani Vs ITO (ITAT Rajkot) ITAT finds that both AO and CIT (A) have not satisfied with the explanation given by the assessee about the usage of the properties for the business purpose, and estimation of the rental value of the properties. The ld.AO rejected the claim of the assessee on the ground that no business activities carried out by the assessee at these premises and estimated the rental value of the property on hypothetical basis. The ld.CIT(A) also confirmed the observation of the AO, but reduced the rental value of the properties by holding that value determined by...