https://www.taxtmi.com/caselaws?id=192109 Municipal property tax and urban immovable property tax may be considered in fixing the reasonable annual value of property under the Income-tax Act, because annual value is the amount a property might reasonably be expected to let for from year to year having regard to ordinary landlord liabilities. They are not, however, separately deductible as allowances in computing annual value, and they do not qualify under the provision for an annual charge not being a capital charge where the municipal levy is treated as a charge on the property itself. The reference was answered against the assessee. en-us Wed, 19 Mar 1947 00:00:00 +0530 Sat, 13 May 2017 11:28:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192109 Municipal property tax and urban immovable property tax may be considered in fixing the reasonable annual value of property under the Income-tax Act, because annual value is the amount a property might reasonably be expected to let for from year to year having regard to ordinary landlord liabilities. They are not, however, separately deductible as allowances in computing annual value, and they do not qualify under the provision for an annual charge not being a capital charge where the municipal levy is treated as a charge on the property itself. The reference was answered against the assessee. Case-Laws Income Tax Wed, 19 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192109