1985 (1) TMI 98

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e head "house property". The ITO however, did not accept the assessee's contention. He arrived at the annul letting value after municipal deduction at Rs. 4,521. Thereafter, he arrived at the statutory deductions for repairs, insurance and interest on borrowed capital amounting to Rs. 3,078. After these deductions, the balance of Rs. 641 was brought to tax. 2. Before the AAC, the assessee claim .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ction is applicable to the annual letting value of the property assessed and not to the net income from house property arrived at after allowing the deduction permissible under s. 24. 4. I am of opinion that the Department's contention should be accepted. Although the provision referred to above appears in s. 23 which deals with the annual letting value and its determination, the use of the wor .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... so determined exceeds two thousand four hundred rupees, an amount of two thousand four hundred rupees." It would be seen that sub-cl. (i) states that in respect of any residential unit whose annual value does not exceed Rs. 2,400 the amount of such value is to be deducted. If that is the amount only to be deducted, then there is no need in s. 23 to bring in a provision that no loss could result .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X