https://www.taxtmi.com/caselaws?id=15897 For house property income, an unchallenged municipal valuation of a let property can be adopted as the annual letting value when it forms the proper basis under the statutory scheme. Section 23(1)(b) applies where the actual rent received or receivable exceeds the valuation referable to clause (a); in that situation, the actual rent becomes the annual letting value. On the facts, the rent received was higher than the municipal valuation, but there was no ground to reject the municipal rateable value fixed under municipal law. The Tribunal was therefore justified in using that valuation for assessment, and the issue was decided in favour of the assessee. en-us Wed, 04 Aug 1999 00:00:00 +0530 Sat, 29 Aug 2009 17:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15897 For house property income, an unchallenged municipal valuation of a let property can be adopted as the annual letting value when it forms the proper basis under the statutory scheme. Section 23(1)(b) applies where the actual rent received or receivable exceeds the valuation referable to clause (a); in that situation, the actual rent becomes the annual letting value. On the facts, the rent received was higher than the municipal valuation, but there was no ground to reject the municipal rateable value fixed under municipal law. The Tribunal was therefore justified in using that valuation for assessment, and the issue was decided in favour of the assessee. Case-Laws Income Tax Wed, 04 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15897