https://www.taxtmi.com/caselaws?id=56318 For valuation of let-out immovable property, genuine and accepted lease rent is the proper basis for the rent capitalisation method, and a tenant's business profits cannot be substituted for the rental value of the property itself. The tenants' income depends on their own equipment, expenditure, renovations and business effort, so a DVO cannot replace disclosed lease rent with business-account figures. The commentary also notes that where an appellate authority remands issues such as the character of land and exemption claims for fresh examination, no interference is called for because those matters remain undecided on merits. en-us Fri, 17 Jul 1987 00:00:00 +0530 Fri, 03 Dec 2010 10:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56318 For valuation of let-out immovable property, genuine and accepted lease rent is the proper basis for the rent capitalisation method, and a tenant's business profits cannot be substituted for the rental value of the property itself. The tenants' income depends on their own equipment, expenditure, renovations and business effort, so a DVO cannot replace disclosed lease rent with business-account figures. The commentary also notes that where an appellate authority remands issues such as the character of land and exemption claims for fresh examination, no interference is called for because those matters remain undecided on merits. Case-Laws Wealth-tax Fri, 17 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56318