Standard rent governs rental-method valuation of let-out property, so further reference was declined.

Questions on valuation of a let-out property were treated as legal issues, but they were already settled by the Supreme Court in the assessee's own case. The settled principle was that, where the rental method is applied, valuation must be based on standard rent. In light of that binding position, the proposed questions did not warrant further reference to the High Court, and the reference request was declined.

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Issues: Whether the proposed questions of law arising from the valuation of a let-out property warranted reference to the High Court, and whether valuation under the rental method had to be determined on the basis of standard rent.

Analysis: The questions raised were treated as legal questions, but their answer was considered settled by the Supreme Court decision in the assessee's own case, which accepted standard rent as the basis for valuation where rental method was applied. In that view, the proposed questions did not require a reference for further adjudication.

Conclusion: The request for reference was declined, and the valuation issue stood governed by standard rent for the rental method.

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