https://www.taxtmi.com/caselaws?id=214109 For valuation of a let-out immovable property under Schedule III to the Wealth-tax Act, the gross maintainable rent must be taken from the higher of actual rent or the municipal annual value, and that municipal rateable value cannot be bifurcated between lawful and unlawful occupants. Rule 3 requires net maintainable rent valuation, while Rule 4 allows only the specified deductions. The income-tax concept of annual value under section 23 of the Income-tax Act does not control wealth-tax valuation. The full municipal rateable value was therefore adopted as the gross maintainable rent, and the contrary bifurcation was impermissible. en-us Wed, 30 Nov 2011 00:00:00 +0530 Mon, 18 Jun 2012 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214109 For valuation of a let-out immovable property under Schedule III to the Wealth-tax Act, the gross maintainable rent must be taken from the higher of actual rent or the municipal annual value, and that municipal rateable value cannot be bifurcated between lawful and unlawful occupants. Rule 3 requires net maintainable rent valuation, while Rule 4 allows only the specified deductions. The income-tax concept of annual value under section 23 of the Income-tax Act does not control wealth-tax valuation. The full municipal rateable value was therefore adopted as the gross maintainable rent, and the contrary bifurcation was impermissible. Case-Laws Wealth-tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214109