https://www.taxtmi.com/caselaws?id=168618 Annual value for municipal rate purposes is the gross rent the premises might reasonably fetch, but where rent control applies, statutory standard rent fixes the ceiling even if no controller's order has yet been made. The assessment therefore had to remain within the standard rent under the rent control law. Rent received by a tenant from sub-tenants was irrelevant because the valuation test looks to what the owner could reasonably obtain in an open-market letting, not downstream sub-letting receipts. Likewise, gradations of ownership affected only apportionment of liability, not valuation; rent receivable by a subordinate owner did not enter the computation of annual value. en-us Thu, 09 Apr 1970 00:00:00 +0530 Wed, 18 Mar 2015 10:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168618 Annual value for municipal rate purposes is the gross rent the premises might reasonably fetch, but where rent control applies, statutory standard rent fixes the ceiling even if no controller's order has yet been made. The assessment therefore had to remain within the standard rent under the rent control law. Rent received by a tenant from sub-tenants was irrelevant because the valuation test looks to what the owner could reasonably obtain in an open-market letting, not downstream sub-letting receipts. Likewise, gradations of ownership affected only apportionment of liability, not valuation; rent receivable by a subordinate owner did not enter the computation of annual value. Case-Laws Indian Laws Thu, 09 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168618