MUNICIPAL CORPORATION OF GREATER BOMBAY vs M/S POLYCHEM LTD.

The Supreme Court ruled that land under construction should not be rated as occupied until it reaches a stage where it can be legally occupied. The Court emphasized that the interpretation of 'land' under the relevant statute includes land being built upon, but it should be treated as vacant for rating purposes until a structure capable of occupation is completed. The judgment clarified that the annual letting value must be determined based on the actual state of the land, aligning with the principles established in previous decisions regarding land valuation.