https://www.taxtmi.com/caselaws?id=40035 Municipal valuation of rent-controlled premises is based on the rent reasonably expected from a hypothetical tenant, with standard rent serving only as an upper ceiling and not an automatic substitute. Where a building contains distinct self-occupied and tenanted units, each unit may be valued separately and the aggregate expected rent used for rateable value, subject to the standard-rent limit for each unit. Leasehold transfer restrictions do not by themselves prevent valuation of land or require resort to a residuary provision. Premises built in stages are not to be treated as independent buildings for valuation unless the addition forms a distinct separate unit. en-us Wed, 12 Dec 1984 00:00:00 +0530 Sat, 03 Jun 2017 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40035 Municipal valuation of rent-controlled premises is based on the rent reasonably expected from a hypothetical tenant, with standard rent serving only as an upper ceiling and not an automatic substitute. Where a building contains distinct self-occupied and tenanted units, each unit may be valued separately and the aggregate expected rent used for rateable value, subject to the standard-rent limit for each unit. Leasehold transfer restrictions do not by themselves prevent valuation of land or require resort to a residuary provision. Premises built in stages are not to be treated as independent buildings for valuation unless the addition forms a distinct separate unit. Case-Laws Income Tax Wed, 12 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40035