https://www.taxtmi.com/caselaws?id=37059 The court remanded the issue of the validity of reopening assessments under section 147(b) of the Income Tax Act back to the Tribunal for further consideration, as the Tribunal did not provide a clear finding on the applicability of the section. Regarding the correct basis for computing income from property under section 23 of the Income Tax Act, the court held that income should be assessed based on the actual rent received by the assessee, rather than the municipal valuation, as the actual rent received is the appropriate measure of the property's income-generating capacity. en-us Mon, 10 Dec 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37059 The court remanded the issue of the validity of reopening assessments under section 147(b) of the Income Tax Act back to the Tribunal for further consideration, as the Tribunal did not provide a clear finding on the applicability of the section. Regarding the correct basis for computing income from property under section 23 of the Income Tax Act, the court held that income should be assessed based on the actual rent received by the assessee, rather than the municipal valuation, as the actual rent received is the appropriate measure of the property's income-generating capacity. Case-Laws Income Tax Mon, 10 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37059