https://www.taxtmi.com/caselaws?id=62919 Rental receipts from property owned by the assessee were held assessable under the head "Income from house property", since ownership attracted the charging provision notwithstanding that the property was acquired to develop a market; the finding of the CIT(A) on head of income was confirmed. While computing annual value under s. 23, security service charges embedded in gross rent were directed to be excluded, as only rent attributable to letting of the property forms part of annual value; the AO was directed to allow deduction of such charges. Local authority house-tax actually paid during the relevant year was deductible under the proviso to s. 23, irrespective of the year of accrual; disallowance was deleted. Depreciation was denied because income was not assessed as business income; CIT(A) was affirmed. Appeal partly allowed. en-us Tue, 05 Aug 1997 00:00:00 +0530 Mon, 29 Dec 2025 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62919 Rental receipts from property owned by the assessee were held assessable under the head "Income from house property", since ownership attracted the charging provision notwithstanding that the property was acquired to develop a market; the finding of the CIT(A) on head of income was confirmed. While computing annual value under s. 23, security service charges embedded in gross rent were directed to be excluded, as only rent attributable to letting of the property forms part of annual value; the AO was directed to allow deduction of such charges. Local authority house-tax actually paid during the relevant year was deductible under the proviso to s. 23, irrespective of the year of accrual; disallowance was deleted. Depreciation was denied because income was not assessed as business income; CIT(A) was affirmed. Appeal partly allowed. Case-Laws Income Tax Tue, 05 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62919