https://www.taxtmi.com/caselaws?id=117441 Annual value of a let-out property governed by rent control law must be determined under section 23 by the rent it may reasonably fetch, subject to the statutory ceiling of standard rent where rent control applies. The assessing authority cannot mechanically adopt municipal rateable value or the leave and licence rent without applying the rent control principles. As the record did not show exemption from the Bombay Rent Act or judicial fixation of standard rent, and the assessee was not clearly met with comparable material, the appellate order was not sustainable and fresh determination was required. en-us Thu, 21 Jul 2005 00:00:00 +0530 Fri, 22 Jun 2012 16:27:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117441 Annual value of a let-out property governed by rent control law must be determined under section 23 by the rent it may reasonably fetch, subject to the statutory ceiling of standard rent where rent control applies. The assessing authority cannot mechanically adopt municipal rateable value or the leave and licence rent without applying the rent control principles. As the record did not show exemption from the Bombay Rent Act or judicial fixation of standard rent, and the assessee was not clearly met with comparable material, the appellate order was not sustainable and fresh determination was required. Case-Laws Income Tax Thu, 21 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117441