https://www.taxtmi.com/caselaws?id=280623 A municipal rule fixing the annual letting value of mills, factories and related buildings solely by floor area was invalid because the governing statute required valuation on a recognised basis such as capital value or annual letting value. The court held that a uniform rate per 100 square feet did not reflect the rent a hypothetical tenant might reasonably pay and improperly displaced the statutory valuation scheme, while also narrowing the taxpayer's right to object to valuation itself. The rule was therefore ultra vires, and tax demands raised under it could not stand. en-us Tue, 14 Mar 1961 00:00:00 +0530 Tue, 14 May 2019 10:06:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280623 A municipal rule fixing the annual letting value of mills, factories and related buildings solely by floor area was invalid because the governing statute required valuation on a recognised basis such as capital value or annual letting value. The court held that a uniform rate per 100 square feet did not reflect the rent a hypothetical tenant might reasonably pay and improperly displaced the statutory valuation scheme, while also narrowing the taxpayer's right to object to valuation itself. The rule was therefore ultra vires, and tax demands raised under it could not stand. Case-Laws Indian Laws Tue, 14 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280623