https://www.taxtmi.com/caselaws?id=63982 Gift-tax valuation of let immovable property must be made on the basis of net maintainable rent where the disclosed rent is supported by records and there is no reliable material to treat it as collusive or concessional. Actual rent, if higher than municipal valuation, forms the gross maintainable rent for applying Rule 3 of Schedule III. The special estimate method under Rule 20 cannot be used unless it is shown that Rule 3 is not practicable and the required prior approval has been obtained. On these principles, the disclosed rent value was upheld and the Revenue's estimate rejected. en-us Tue, 05 Jul 1994 00:00:00 +0530 Thu, 03 Feb 2011 09:45:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63982 Gift-tax valuation of let immovable property must be made on the basis of net maintainable rent where the disclosed rent is supported by records and there is no reliable material to treat it as collusive or concessional. Actual rent, if higher than municipal valuation, forms the gross maintainable rent for applying Rule 3 of Schedule III. The special estimate method under Rule 20 cannot be used unless it is shown that Rule 3 is not practicable and the required prior approval has been obtained. On these principles, the disclosed rent value was upheld and the Revenue's estimate rejected. Case-Laws Income Tax Tue, 05 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63982