https://www.taxtmi.com/caselaws?id=21685 For wealth-tax valuation on the rent capitalisation method, contractual rent could not be replaced by a higher notional rent unless it was shown to be below the fair rent under the applicable rent-control law. The Tribunal was required to determine fair rent under the West Bengal Premises Tenancy Act, 1956 before substituting any higher figure, and the same approach applied to both let-out and self-occupied portions. As to excess unbuilt or appurtenant land, the Court held that separate speculative development value could not be added outside the governing valuation rule. Both valuation issues were remanded for fresh determination under the statutory framework. en-us Wed, 05 Feb 1992 00:00:00 +0530 Thu, 26 Nov 2009 17:08:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21685 For wealth-tax valuation on the rent capitalisation method, contractual rent could not be replaced by a higher notional rent unless it was shown to be below the fair rent under the applicable rent-control law. The Tribunal was required to determine fair rent under the West Bengal Premises Tenancy Act, 1956 before substituting any higher figure, and the same approach applied to both let-out and self-occupied portions. As to excess unbuilt or appurtenant land, the Court held that separate speculative development value could not be added outside the governing valuation rule. Both valuation issues were remanded for fresh determination under the statutory framework. Case-Laws Wealth-tax Wed, 05 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21685