https://www.taxtmi.com/caselaws?id=30708 HC held that post-amendment Section 23(1)(b) reaches rent received or receivable under the lease, so annual value is the rent agreed between owner and tenant even if the tenant sub-let at a higher rent. The Court rejected Revenue's construction that "receivable" should be limited, noting Legislature intended to tax amounts beyond standard rent by the 2001 amendment. Because Revenue did not prove the primary lease was sham, the owner's annual value is that rent received or receivable from the tenant. Appeal dismissed. en-us Wed, 17 Oct 2007 00:00:00 +0530 Fri, 12 Sep 2025 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30708 HC held that post-amendment Section 23(1)(b) reaches rent received or receivable under the lease, so annual value is the rent agreed between owner and tenant even if the tenant sub-let at a higher rent. The Court rejected Revenue's construction that "receivable" should be limited, noting Legislature intended to tax amounts beyond standard rent by the 2001 amendment. Because Revenue did not prove the primary lease was sham, the owner's annual value is that rent received or receivable from the tenant. Appeal dismissed. Case-Laws Income Tax Wed, 17 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30708