https://www.taxtmi.com/caselaws?id=168354 A municipal rule imposing a levy on open lands as a percentage of capital value was held beyond the authority of sections 73 and 75 of the Bombay Municipal Boroughs Act, 1925. The statutory term "rate" was construed as a tax on annual value of lands and buildings, consistent with settled legislative history, and not as a direct tax on capital value. The explanation to section 75 permitted capital value only as a valuation method for determining annual value, not as the taxable base itself. The rule therefore altered the true incidence of the tax and was ultra vires; the assessment under it was invalid. en-us Thu, 28 Mar 1963 00:00:00 +0530 Mon, 23 Feb 2015 14:23:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168354 A municipal rule imposing a levy on open lands as a percentage of capital value was held beyond the authority of sections 73 and 75 of the Bombay Municipal Boroughs Act, 1925. The statutory term "rate" was construed as a tax on annual value of lands and buildings, consistent with settled legislative history, and not as a direct tax on capital value. The explanation to section 75 permitted capital value only as a valuation method for determining annual value, not as the taxable base itself. The rule therefore altered the true incidence of the tax and was ultra vires; the assessment under it was invalid. Case-Laws Indian Laws Thu, 28 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168354