https://www.taxtmi.com/caselaws?id=5859 For annual value under section 23(1) of the Income-tax Act, 1961, where property is under rent control, the reasonable letting value cannot exceed the standard rent determinable under the Delhi Rent Control Act, 1958, even if standard rent has not yet been formally fixed. The actual rent received is therefore not the governing measure when it is higher than the rent-control ceiling. The later amendment to section 23 is noted as reinforcing that actual rent receivable may exceed the property's reasonable letting value. The annual value was accordingly worked out by reference to the standard rent of the relevant portions of the property for the accounting years. en-us Tue, 18 Aug 1981 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5859 For annual value under section 23(1) of the Income-tax Act, 1961, where property is under rent control, the reasonable letting value cannot exceed the standard rent determinable under the Delhi Rent Control Act, 1958, even if standard rent has not yet been formally fixed. The actual rent received is therefore not the governing measure when it is higher than the rent-control ceiling. The later amendment to section 23 is noted as reinforcing that actual rent receivable may exceed the property's reasonable letting value. The annual value was accordingly worked out by reference to the standard rent of the relevant portions of the property for the accounting years. Case-Laws Income Tax Tue, 18 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5859