https://www.taxtmi.com/caselaws?id=173701 For house property valuation, annual letting value cannot exceed the standard or fair rent legally recoverable under rent control law, and municipal valuation may be used as a reliable guide where it reflects that lawful rent. The Court accepted municipal valuation, with appropriate grossing up, as the proper basis for determining annual letting value. It also held that assessment must follow the correct legal test, so a returned figure does not bind if it is excessive or inconsistent with law; there is no estoppel against law. The legally determinable annual value may therefore be taken even if it is lower than the amount shown in the return. en-us Sat, 31 Dec 1994 00:00:00 +0530 Mon, 21 Sep 2015 13:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173701 For house property valuation, annual letting value cannot exceed the standard or fair rent legally recoverable under rent control law, and municipal valuation may be used as a reliable guide where it reflects that lawful rent. The Court accepted municipal valuation, with appropriate grossing up, as the proper basis for determining annual letting value. It also held that assessment must follow the correct legal test, so a returned figure does not bind if it is excessive or inconsistent with law; there is no estoppel against law. The legally determinable annual value may therefore be taken even if it is lower than the amount shown in the return. Case-Laws Income Tax Sat, 31 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173701