https://www.taxtmi.com/caselaws?id=15804 Protected tenancy under the applicable rent law could not be ignored in valuing the property, because the licensee in possession became a deemed protected tenant on the statutory amendment. In that setting, fair market value had to be assessed on the rent capitalisation method rather than the land and building method. The competent authority's failure to consider the tenancy status and the departmental valuation material meant the sale consideration could not be treated as understated, and acquisition on that ground was not sustainable. Interconnection between the transferor and transferee companies, including common directors and shareholders, did not displace the legal effect of the protected tenancy. en-us Mon, 22 Mar 1999 00:00:00 +0530 Sat, 29 Aug 2009 12:12:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15804 Protected tenancy under the applicable rent law could not be ignored in valuing the property, because the licensee in possession became a deemed protected tenant on the statutory amendment. In that setting, fair market value had to be assessed on the rent capitalisation method rather than the land and building method. The competent authority's failure to consider the tenancy status and the departmental valuation material meant the sale consideration could not be treated as understated, and acquisition on that ground was not sustainable. Interconnection between the transferor and transferee companies, including common directors and shareholders, did not displace the legal effect of the protected tenancy. Case-Laws Income Tax Mon, 22 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15804