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11) There were certain concerns expressed at various quarters about the said annual rent method in the Bye-laws. Insofar as the MCD is concerned, it constituted V.K. Malhotra Committee to study and report upon the efficacy of the property tax assessment and collection system, so that the faults in the system could be ironed out. While this Committee was in the process of undertaking that study, the Union of India circulated ‘Guidelines for Property Tax Reforms’ in the year 1998 in order to bring needed reforms in the method of calculation of property tax and to exploit the potential of property tax as a major source of income for strengthening the revenue base of these municipalities. The V.K. Malhotra Committee submitted its report to the MCD in the year 2002.  Based on its recommendations, an Expert Committee under the Chairmanship of Sh. K. Dharmarajan was constituted by the Lieutenant Governor of Delhi for recommending the modalities required for the interpretation of the UAM of property tax assessment in the MCD area, which was the major recommendation of the V.K. Malhotra Committee. After receiving the final report from Dharmarajan Committee, the Delhi Municipal Corporation (Amendment) Act, 2003 was passed. Further, in exercise of the powers conferred by the Delhi Municipal Corporation (Amendment) Act, the Delhi Municipal Corporation (Property Taxes) Bye-laws, 2004 were also made.