https://www.taxtmi.com/caselaws?id=258525 For property income under section 23 of the Income-tax Act, 1961, annual letting value must be determined by reference to reasonable or fair rent under the applicable rent control law, not by municipal rateable value where the property is subject to rent control. Standard rent operates as the upper ceiling, and where standard rent has not been fixed, it must be ascertained in accordance with the rent control enactment. If fair rent is lower than standard rent, the lower fair rent applies. Actual rent may be relevant evidence, but figures distorted by extraneous circumstances cannot control the valuation. en-us Fri, 20 Mar 2015 00:00:00 +0530 Tue, 11 Aug 2015 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258525 For property income under section 23 of the Income-tax Act, 1961, annual letting value must be determined by reference to reasonable or fair rent under the applicable rent control law, not by municipal rateable value where the property is subject to rent control. Standard rent operates as the upper ceiling, and where standard rent has not been fixed, it must be ascertained in accordance with the rent control enactment. If fair rent is lower than standard rent, the lower fair rent applies. Actual rent may be relevant evidence, but figures distorted by extraneous circumstances cannot control the valuation. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258525