https://www.taxtmi.com/caselaws?id=28251 The court held that the Tribunal erred in adopting the actual rent received as the Annual Letting Value (ALV), ignoring municipal valuation. It emphasized that ALV should be based on the reasonable expectation of rent, not actual receipt or municipal assessments. The court clarified that municipal valuation is relevant only if it aligns with principles established in a specific case. The court determined the income from the property considering a rent reduction due to property reclamation, resulting in a lower taxable amount than initially assessed. en-us Fri, 10 Sep 1982 00:00:00 +0530 Sat, 20 Feb 2010 10:25:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28251 The court held that the Tribunal erred in adopting the actual rent received as the Annual Letting Value (ALV), ignoring municipal valuation. It emphasized that ALV should be based on the reasonable expectation of rent, not actual receipt or municipal assessments. The court clarified that municipal valuation is relevant only if it aligns with principles established in a specific case. The court determined the income from the property considering a rent reduction due to property reclamation, resulting in a lower taxable amount than initially assessed. Case-Laws Income Tax Fri, 10 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28251