1988 (12) TMI 82

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....rred to us for opinion in this reference are : "1967-68 to 1970-71 assessment years : 1. Whether, on the facts and in the circumstances of the case, the annual value of the property in the Commerce Centre, Bombay, could be taken at Rs. 41,328 for 1967-68 and 1968-69, at Rs. 41,63 for 1969-70 and at Rs. 38,073 for 1970-71 assessment being the actual compensation received from Pfizer Pvt. Ltd.....

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....e annual value of flat No. 103, Valentina, could be taken at Rs. 1,400 per month on the basis of actual rent receipt as against the lower municipal annual rateable value for the same ? (ii) Whether, on the facts and in the circumstances of the case, the annual value of flat No. 104, Valentina, could be taken at Rs. 900 per month on the basis of actual rental as against the lower municipal annua....

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....n Dewan Daulat Rai Kapoor v. New Delhi Municipal Committee [1980] 122 ITR 700 and Dr. Balbir Singh v. M. C. D [1985] 152 ITR 388 for the proposition that in the cases of properties subject to rent control legislation which provided for fixation of standard rent, the standard rent alone could be the basis for fixation of municipal rateable value for the purpose of levy-of municipal taxes. Inviting ....

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....s context, it may be desirable to refer to the Calcutta High Court's decision in the case of CIT v. Prabhabati Bansali [1983] 141 ITR 419. One of the questions involved in that case was whether the Tribunal was justified in directing the Income-tax Officer to redetermine the annual value of the property under section 23(1) afresh with reference to its rateable value as determined by the municipal ....