https://www.taxtmi.com/caselaws?id=36643 The High Court addressed Income-tax References concerning the assessment of the gross annual letting value of a building. The dispute arose when the assessee declared a lower value than assessed by the Income Tax Officer. The central issue was whether fair rent determined under the East Punjab Urban Rent Restriction Act, 1949, should influence annual letting value. The court emphasized the significance of fair rent fixed under rent control laws in determining notional income for self-occupied properties. It held that fair rent, as determined under rent control legislation, should be a crucial factor in assessing the annual letting value of a property, ruling in favor of the assessee. en-us Wed, 23 Jan 1980 00:00:00 +0530 Tue, 23 Mar 2010 16:05:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36643 The High Court addressed Income-tax References concerning the assessment of the gross annual letting value of a building. The dispute arose when the assessee declared a lower value than assessed by the Income Tax Officer. The central issue was whether fair rent determined under the East Punjab Urban Rent Restriction Act, 1949, should influence annual letting value. The court emphasized the significance of fair rent fixed under rent control laws in determining notional income for self-occupied properties. It held that fair rent, as determined under rent control legislation, should be a crucial factor in assessing the annual letting value of a property, ruling in favor of the assessee. Case-Laws Income Tax Wed, 23 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36643