https://www.taxtmi.com/caselaws?id=63646 Annual letting value was held to be based on the actual rent received from letting the first and second floors to the assessee's sons, because there was no definite finding that the arrangement was collusive or lacking bona fides. The municipal valuation did not displace the agreed rent on the facts, and the actual rent was treated as the reasonable rent at the relevant time. The reasoning also noted that agreed rent may represent standard rent in the initial period under rent control principles, so rent below municipal valuation was not, by itself, sufficient to substitute a higher notional value. en-us Wed, 10 Aug 1983 00:00:00 +0530 Tue, 01 Feb 2011 12:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63646 Annual letting value was held to be based on the actual rent received from letting the first and second floors to the assessee's sons, because there was no definite finding that the arrangement was collusive or lacking bona fides. The municipal valuation did not displace the agreed rent on the facts, and the actual rent was treated as the reasonable rent at the relevant time. The reasoning also noted that agreed rent may represent standard rent in the initial period under rent control principles, so rent below municipal valuation was not, by itself, sufficient to substitute a higher notional value. Case-Laws Income Tax Wed, 10 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63646