https://www.taxtmi.com/caselaws?id=26148 For house-tax assessment under the Punjab Municipal Corporation Act, 1976, property governed by rent control legislation must be valued by reference to the standard rent, because annual value cannot exceed the rent a hypothetical tenant could reasonably be expected to pay. The fact that the property was never actually let out does not change the valuation basis, since assessment depends on notional letting value rather than actual receipt of rent. The earlier contrary view was treated as no longer good law in light of later Supreme Court authority. The assessment order was set aside and the matter remitted for fresh reassessment in accordance with law. en-us Wed, 07 Aug 1985 00:00:00 +0530 Wed, 03 Feb 2010 12:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26148 For house-tax assessment under the Punjab Municipal Corporation Act, 1976, property governed by rent control legislation must be valued by reference to the standard rent, because annual value cannot exceed the rent a hypothetical tenant could reasonably be expected to pay. The fact that the property was never actually let out does not change the valuation basis, since assessment depends on notional letting value rather than actual receipt of rent. The earlier contrary view was treated as no longer good law in light of later Supreme Court authority. The assessment order was set aside and the matter remitted for fresh reassessment in accordance with law. Case-Laws Income Tax Wed, 07 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26148