https://www.taxtmi.com/caselaws?id=28912 Under the unamended section 23(1) of the Income-tax Act, the annual value of a let property was to be determined by its reasonable expected letting value, not by the actual receipts from tenants or licensees. Where rent control legislation applied, standard rent operated as the controlling ceiling, and municipal rateable value was treated as a safe guide because it was linked to the rent the property might reasonably fetch. The later insertion of clause (b) in section 23(1) was noted as confirming that, before amendment, higher actual rent did not govern annual value. The stated result was that annual value had to be redetermined on the statutory basis, in favour of the assessee. en-us Mon, 21 Sep 1981 00:00:00 +0530 Mon, 08 Mar 2010 15:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28912 Under the unamended section 23(1) of the Income-tax Act, the annual value of a let property was to be determined by its reasonable expected letting value, not by the actual receipts from tenants or licensees. Where rent control legislation applied, standard rent operated as the controlling ceiling, and municipal rateable value was treated as a safe guide because it was linked to the rent the property might reasonably fetch. The later insertion of clause (b) in section 23(1) was noted as confirming that, before amendment, higher actual rent did not govern annual value. The stated result was that annual value had to be redetermined on the statutory basis, in favour of the assessee. Case-Laws Income Tax Mon, 21 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28912