https://www.taxtmi.com/caselaws?id=272898 Where a house property was not actually let out during the relevant year, its annual letting value could not be fixed by reference to prevailing fair market rent. The tribunal applied the co-ordinate bench view that, in such cases, Municipal Valuation or Rateable Value is the proper basis for computing annual value. On that footing, the adoption of area-wise market rent was held unsustainable, the addition was set aside, and the matter was restored for recomputation on the basis of Municipal Value / Rateable Value and the assessee's share in the property. en-us Fri, 15 Jan 2016 00:00:00 +0530 Thu, 24 May 2018 08:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272898 Where a house property was not actually let out during the relevant year, its annual letting value could not be fixed by reference to prevailing fair market rent. The tribunal applied the co-ordinate bench view that, in such cases, Municipal Valuation or Rateable Value is the proper basis for computing annual value. On that footing, the adoption of area-wise market rent was held unsustainable, the addition was set aside, and the matter was restored for recomputation on the basis of Municipal Value / Rateable Value and the assessee's share in the property. Case-Laws Income Tax Fri, 15 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272898