https://www.taxtmi.com/caselaws?id=412252 For co-operative premises societies, transfer fee and amenities fee received from an incoming member formed part of the common fund and satisfied mutuality, so the receipt was not taxable. For house-property valuation, a later year's rent from a different tenant was an unsafe basis for determining annual value; where relevant-year comparables were absent and actual rent exceeded municipal value, the annual value was to be based on the actual rent received. For vacant premises, a notional fair rental value drawn from a later year could not be substituted; the municipal valuation was upheld as the appropriate basis under the vacancy provisions. en-us Tue, 07 Sep 2021 00:00:00 +0530 Mon, 13 Sep 2021 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412252 For co-operative premises societies, transfer fee and amenities fee received from an incoming member formed part of the common fund and satisfied mutuality, so the receipt was not taxable. For house-property valuation, a later year's rent from a different tenant was an unsafe basis for determining annual value; where relevant-year comparables were absent and actual rent exceeded municipal value, the annual value was to be based on the actual rent received. For vacant premises, a notional fair rental value drawn from a later year could not be substituted; the municipal valuation was upheld as the appropriate basis under the vacancy provisions. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412252