https://www.taxtmi.com/caselaws?id=276023 Municipal house tax and water tax paid by the owner were held not to reduce the annual value of property, because annual value means the full economic rent the property can fetch and not the net amount left after meeting the owner's municipal liabilities. The taxes were, however, treated as deductible annual charges because they created recurring statutory liabilities on the property and were not capital charges. A recurring municipal levy securing a revenue liability may qualify as an annual charge, and a fiscal provision admitting two constructions is construed in favour of the subject where the language permits. en-us Thu, 31 Aug 1944 00:00:00 +0630 Thu, 25 Oct 2018 17:05:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276023 Municipal house tax and water tax paid by the owner were held not to reduce the annual value of property, because annual value means the full economic rent the property can fetch and not the net amount left after meeting the owner's municipal liabilities. The taxes were, however, treated as deductible annual charges because they created recurring statutory liabilities on the property and were not capital charges. A recurring municipal levy securing a revenue liability may qualify as an annual charge, and a fiscal provision admitting two constructions is construed in favour of the subject where the language permits. Case-Laws Income Tax Thu, 31 Aug 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=276023