https://www.taxtmi.com/caselaws?id=36717 For a fully tenanted, rent-controlled property, market value should ordinarily be assessed on the yield or rental method because the existing statutory rent restriction materially governs the property's value. A land-and-building valuation with assumed reversionary value was rejected as speculative, since it effectively treated the land twice and ignored the continuing tenancy structure. Comparable sales of vacant land were found unsuitable for an old, wholly let property subject to rent control. The analysis confirms that valuation must reflect actual controlled rental income where rent is stable and unlikely to change, and not an unreal future reversionary possibility. en-us Fri, 28 Jul 1978 00:00:00 +0530 Wed, 24 Mar 2010 11:17:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36717 For a fully tenanted, rent-controlled property, market value should ordinarily be assessed on the yield or rental method because the existing statutory rent restriction materially governs the property's value. A land-and-building valuation with assumed reversionary value was rejected as speculative, since it effectively treated the land twice and ignored the continuing tenancy structure. Comparable sales of vacant land were found unsuitable for an old, wholly let property subject to rent control. The analysis confirms that valuation must reflect actual controlled rental income where rent is stable and unlikely to change, and not an unreal future reversionary possibility. Case-Laws Income Tax Fri, 28 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36717