https://www.taxtmi.com/caselaws?id=21886 The court ruled in favor of the Revenue, holding that only municipal taxes actually levied can be deducted in computing the net annual rental yield under the Wealth-tax Act. The court emphasized that deductions should be based on actual taxes paid, not potential future taxes, when using the rental method for property valuation. The decision rejected the Tribunal's interpretation that taxes leviable on gross rent should be deducted, affirming that the valuation method already considers relevant factors. The judgment favored the Revenue's position, with no costs awarded. en-us Mon, 11 Mar 1991 00:00:00 +0530 Wed, 02 Dec 2009 18:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21886 The court ruled in favor of the Revenue, holding that only municipal taxes actually levied can be deducted in computing the net annual rental yield under the Wealth-tax Act. The court emphasized that deductions should be based on actual taxes paid, not potential future taxes, when using the rental method for property valuation. The decision rejected the Tribunal's interpretation that taxes leviable on gross rent should be deducted, affirming that the valuation method already considers relevant factors. The judgment favored the Revenue's position, with no costs awarded. Case-Laws Wealth-tax Mon, 11 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21886