https://www.taxtmi.com/caselaws?id=418802 Section 23 of the Income-tax Act requires annual letting value to be based on reasonable expected rent, actual rent received or receivable, and vacancy, as applicable. Where the property is governed by rent control law, the standard rent framework is relevant to test whether the actual rent is below the lawful rent. A notional enhancement based only on a higher rent from one tenant, without determining standard rent or producing competent valuation material under the applicable rent control regime, lacked legal foundation. The notional increase in annual letting value was therefore unsustainable. en-us Tue, 15 Feb 2022 00:00:00 +0530 Thu, 24 Feb 2022 11:27:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418802 Section 23 of the Income-tax Act requires annual letting value to be based on reasonable expected rent, actual rent received or receivable, and vacancy, as applicable. Where the property is governed by rent control law, the standard rent framework is relevant to test whether the actual rent is below the lawful rent. A notional enhancement based only on a higher rent from one tenant, without determining standard rent or producing competent valuation material under the applicable rent control regime, lacked legal foundation. The notional increase in annual letting value was therefore unsustainable. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418802