https://www.taxtmi.com/caselaws?id=188610 Annual ratable value for property tax must be assessed by the rent the building may reasonably fetch under the governing rent control law, not by actual contractual rent where that rent exceeds the lawful ceiling. The assessable value is therefore capped by the standard rent determinable under the statute, and the authority must independently ascertain that figure. A private admission by the owner that tax may be paid on actual rent does not create estoppel against the statutory method of assessment, because statutory rights and obligations cannot be displaced by concession. The assessment based on actual rent is unsustainable and must be recomputed under the statutory measure of standard rent. en-us Thu, 17 Aug 1995 00:00:00 +0530 Thu, 08 Dec 2016 18:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188610 Annual ratable value for property tax must be assessed by the rent the building may reasonably fetch under the governing rent control law, not by actual contractual rent where that rent exceeds the lawful ceiling. The assessable value is therefore capped by the standard rent determinable under the statute, and the authority must independently ascertain that figure. A private admission by the owner that tax may be paid on actual rent does not create estoppel against the statutory method of assessment, because statutory rights and obligations cannot be displaced by concession. The assessment based on actual rent is unsustainable and must be recomputed under the statutory measure of standard rent. Case-Laws Indian Laws Thu, 17 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188610