2007 (10) TMI 251 - BOMBAY HIGH COURT

Assessee let out property to tenant – tenant is sub-letting the property at higher rent – no case of revenue that transaction was sham – hence annual value of the property is the value received by the owner from the tenant irrespective whether tenant on sub-letting has received higher rent - ITAT was justified in holding that the annual letting value has to be determined on basis of annual rent received by the assessee and not what has been received by its tenants from the ultimate users