https://www.taxtmi.com/caselaws?id=25532 Municipal house tax rateable value for a cinema building must be based on the statutory measure of gross annual rent reasonably expected to be received, and where rent control applies, on fair rent under the rent restriction law. A valuation formula linked to occupied seats, ticket collections and operating income does not conform to that statutory basis and is ultra vires the taxing provision. Consent to such a formula cannot validate a levy that is contrary to statute, because there is no estoppel against a statute. The assessment was therefore unsustainable, and the valuation had to be determined according to the statutory standard of reasonable letting value. en-us Fri, 06 Feb 1987 00:00:00 +0530 Fri, 29 Jan 2010 12:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25532 Municipal house tax rateable value for a cinema building must be based on the statutory measure of gross annual rent reasonably expected to be received, and where rent control applies, on fair rent under the rent restriction law. A valuation formula linked to occupied seats, ticket collections and operating income does not conform to that statutory basis and is ultra vires the taxing provision. Consent to such a formula cannot validate a levy that is contrary to statute, because there is no estoppel against a statute. The assessment was therefore unsustainable, and the valuation had to be determined according to the statutory standard of reasonable letting value. Case-Laws Income Tax Fri, 06 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25532