https://www.taxtmi.com/caselaws?id=26256 Under the Indian Income-tax Act, 1922, annual value was required to reflect the rent for which property could reasonably be let from year to year, and the court treated municipal valuation as ordinarily aligned with that measure where the language was similar. Standard rent was the controlling benchmark, and in the absence of any factual change or material basis to estimate a different reasonable rent, the longstanding municipal valuation could be adopted for income-tax purposes. The assessing officer's reliance on cost, rather than expected rent, was not the proper test, so the municipal valuation was accepted as the annual letting value. en-us Wed, 16 Dec 1981 00:00:00 +0530 Wed, 03 Feb 2010 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26256 Under the Indian Income-tax Act, 1922, annual value was required to reflect the rent for which property could reasonably be let from year to year, and the court treated municipal valuation as ordinarily aligned with that measure where the language was similar. Standard rent was the controlling benchmark, and in the absence of any factual change or material basis to estimate a different reasonable rent, the longstanding municipal valuation could be adopted for income-tax purposes. The assessing officer's reliance on cost, rather than expected rent, was not the proper test, so the municipal valuation was accepted as the annual letting value. Case-Laws Income Tax Wed, 16 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26256