https://www.taxtmi.com/caselaws?id=58887 A residential property with multiple flats and shared amenities remains capable of valuation under rule 1BB of the Wealth-tax Rules, 1957, because common facilities such as staircases, terraces and guest accommodation do not make individual-flat valuation impracticable or destroy its residential character. For rent-controlled property, the gross maintainable rent must reflect the standard-rent ceiling under rent control law rather than a merely depressed municipal value where that value does not represent reasonable letting value. The valuation basis may be adjusted on evidence, and a lower rent component can be considered if properly established. en-us Fri, 30 Mar 1990 00:00:00 +0530 Wed, 22 Dec 2010 16:24:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58887 A residential property with multiple flats and shared amenities remains capable of valuation under rule 1BB of the Wealth-tax Rules, 1957, because common facilities such as staircases, terraces and guest accommodation do not make individual-flat valuation impracticable or destroy its residential character. For rent-controlled property, the gross maintainable rent must reflect the standard-rent ceiling under rent control law rather than a merely depressed municipal value where that value does not represent reasonable letting value. The valuation basis may be adjusted on evidence, and a lower rent component can be considered if properly established. Case-Laws Wealth-tax Fri, 30 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58887