2001 (7) TMI 112 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that the Appellate Tribunal was correct in allowing the set-off of loss from house property against income from other sources for the assessment years 1976-77 to 1978-79. Section 71 permits such set-off, and the confusion caused by section 23 was clarified by its omission in the 1984 amendment. The judgment favored the assessee against the Revenue.