https://www.taxtmi.com/caselaws?id=289625 For income from property, section 9 of the Indian Income-tax Act taxed the bona fide annual value as statutory income, not actual rent received. The owner's inability to let the property or realise rent did not reduce liability where the statute deemed annual value to be income. Section 41 did not assist the trustees because they held the property in the same manner as the beneficiaries, and the rate of tax was a separate question. Accordingly, rent-free occupation under the terms of the will did not displace the statutory method of computation, and the annual value was includible in the trustees' assessment. en-us Mon, 01 Jan 1945 00:00:00 +0630 Mon, 10 Aug 2020 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289625 For income from property, section 9 of the Indian Income-tax Act taxed the bona fide annual value as statutory income, not actual rent received. The owner's inability to let the property or realise rent did not reduce liability where the statute deemed annual value to be income. Section 41 did not assist the trustees because they held the property in the same manner as the beneficiaries, and the rate of tax was a separate question. Accordingly, rent-free occupation under the terms of the will did not displace the statutory method of computation, and the annual value was includible in the trustees' assessment. Case-Laws Income Tax Mon, 01 Jan 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=289625