2000 (11) TMI 41 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee regarding the deduction of annual value for new residential units under the Income-tax Act, 1961. The court clarified that the deductions under section 24 are separate from the annual value determined under section 23(1), and the limitations of the second proviso to section 23(1) do not apply to section 24 deductions. The judgment favored the assessee and went against the Revenue.