https://www.taxtmi.com/caselaws?id=193397 Section 154 of the Bombay Municipal Corporation Act, 1888 values premises on the rent a hypothetical tenant would reasonably pay, and the statutory repair allowance does not bar deduction of tenant's own business outgoings. Upkeep of the racecourse track and totalisator, as well as operating expenses such as sand, murum, salaries, transport, maintenance, manure, spares, wheel tax and water tax, were treated as wholly deductible because they were incurred to run and maintain the racecourse business. The licence fee for holding race meetings was also fully deductible as an expense of the tenant's business. Rateable value was not required to match the contractual rent, and could fall below it where the lease carried special restrictions and public-use burdens. en-us Wed, 13 Sep 1967 00:00:00 +0530 Thu, 27 Jul 2017 09:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193397 Section 154 of the Bombay Municipal Corporation Act, 1888 values premises on the rent a hypothetical tenant would reasonably pay, and the statutory repair allowance does not bar deduction of tenant's own business outgoings. Upkeep of the racecourse track and totalisator, as well as operating expenses such as sand, murum, salaries, transport, maintenance, manure, spares, wheel tax and water tax, were treated as wholly deductible because they were incurred to run and maintain the racecourse business. The licence fee for holding race meetings was also fully deductible as an expense of the tenant's business. Rateable value was not required to match the contractual rent, and could fall below it where the lease carried special restrictions and public-use burdens. Case-Laws Indian Laws Wed, 13 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193397