https://www.taxtmi.com/caselaws?id=65458 For a rent-controlled property, annual letting value under section 23(1) of the Income-tax Act is governed by the rent a property may reasonably fetch, but cannot exceed the standard rent fixed or determinable under the applicable rent law. In this analysis, the Delhi Rent Control Act was treated as capping reasonable rent at standard rent, which could not be revised merely because the assessee later purchased the property at a higher price. Expenditure on additions or alterations also could not justify an upward revision where the landlord did not incur the expense. On those principles, the declared annual letting value based on municipal valuation and standard rent was accepted. en-us Fri, 28 Mar 2008 00:00:00 +0530 Tue, 19 Dec 2023 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65458 For a rent-controlled property, annual letting value under section 23(1) of the Income-tax Act is governed by the rent a property may reasonably fetch, but cannot exceed the standard rent fixed or determinable under the applicable rent law. In this analysis, the Delhi Rent Control Act was treated as capping reasonable rent at standard rent, which could not be revised merely because the assessee later purchased the property at a higher price. Expenditure on additions or alterations also could not justify an upward revision where the landlord did not incur the expense. On those principles, the declared annual letting value based on municipal valuation and standard rent was accepted. Case-Laws Income Tax Fri, 28 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65458