https://www.taxtmi.com/caselaws?id=28589 Annual letting value of house property must be determined on bona fide fair rent, and where rent control law applies the actual rent realised cannot be treated as conclusive. The controlling statute must be examined to see whether the lessor could lawfully realise more than the stipulated rent; the Tribunal erred by disregarding rent control provisions. Reassessment under section 147 could arise only if the fair rent determinable under the rent control law exceeded the figure earlier adopted, so the correct legal test had to be applied before any tax adjustment. The matter was therefore remitted for fresh consideration on the basis of fair rent under rent control law. en-us Tue, 07 Sep 1982 00:00:00 +0530 Tue, 23 Feb 2010 18:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28589 Annual letting value of house property must be determined on bona fide fair rent, and where rent control law applies the actual rent realised cannot be treated as conclusive. The controlling statute must be examined to see whether the lessor could lawfully realise more than the stipulated rent; the Tribunal erred by disregarding rent control provisions. Reassessment under section 147 could arise only if the fair rent determinable under the rent control law exceeded the figure earlier adopted, so the correct legal test had to be applied before any tax adjustment. The matter was therefore remitted for fresh consideration on the basis of fair rent under rent control law. Case-Laws Income Tax Tue, 07 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28589