1. The petitioner/NDMC is aggrieved by the judgment dated 10.02.2004 passed by the learned ADJ in an appeal preferred by the respondent/company under Section 115 of the NDMC Act, directed against an order dated 12.09.1996 passed by the Assessing Authority in respect of premises bearing No.5A, Amrita Shergil Marg, New Delhi. By the assessment order dated 12.09.1996, the learned Assessing Authority had dismissed the objections filed by the respondent/company and determined the annual value of the subject premises at Rs.7,70,87,500/-, less 10% for the assessment years 1994-95, 1995-96 and 1996-97. The aforesaid annual value was arrived at on the basis of the cost of acquisition of the subject premises by the respondent/company that had purchased the same by virtue of a registered Sale Deed dated 12.05.1994.

2. Under the impugned order, the learned Appellate Court held that the rateable value of the land/building is required to be fixed on the basis of annual rent at which the land and building might reasonably be expected to let. Relying on the decision in State Trading Corporation of India Ltd. vs. New Delhi Municipal Council reported as 104(2003) DLT 808, wherein a Single Judg