https://www.taxtmi.com/caselaws?id=16813 For section 23(1) of the Income-tax Act, 1961, the annual value of a let-out property is determined with reference to the sum for which it may reasonably be expected to let, and that reasonable rent is measured by the fair rent or standard rent under the applicable rent control law. Actual rent received is relevant only where it exceeds that benchmark under clause (b). If fair rent has not yet been fixed, the proper course is to obtain a finding on that issue from the assessing authority, rather than treating actual receipts as the annual value by default. en-us Fri, 11 Apr 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16813 For section 23(1) of the Income-tax Act, 1961, the annual value of a let-out property is determined with reference to the sum for which it may reasonably be expected to let, and that reasonable rent is measured by the fair rent or standard rent under the applicable rent control law. Actual rent received is relevant only where it exceeds that benchmark under clause (b). If fair rent has not yet been fixed, the proper course is to obtain a finding on that issue from the assessing authority, rather than treating actual receipts as the annual value by default. Case-Laws Income Tax Fri, 11 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16813