https://www.taxtmi.com/caselaws?id=20222 A property let to a related party at a nominal rent may be treated as yielding a realistic expected return rather than the stated rent, where surrounding facts show the rent is far below market indicators. In assessing annual letting value under section 23(1), authorities may rely on objective valuation factors such as location, size, land and building prices, scarcity of comparable accommodation, and an approved valuer's report. A finding that the agreed rent is not standard rent will stand where it is supported by relevant material and is not perverse. On these facts, the annual letting value of Rs. 18,000 was upheld and the challenge failed. en-us Mon, 24 Jan 1994 00:00:00 +0530 Thu, 12 Nov 2009 15:27:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20222 A property let to a related party at a nominal rent may be treated as yielding a realistic expected return rather than the stated rent, where surrounding facts show the rent is far below market indicators. In assessing annual letting value under section 23(1), authorities may rely on objective valuation factors such as location, size, land and building prices, scarcity of comparable accommodation, and an approved valuer's report. A finding that the agreed rent is not standard rent will stand where it is supported by relevant material and is not perverse. On these facts, the annual letting value of Rs. 18,000 was upheld and the challenge failed. Case-Laws Income Tax Mon, 24 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20222