https://www.taxtmi.com/caselaws?id=14100 The second proviso to section 23(1) limits only the reduction applied to annual value under section 23(1)(a) or 23(1)(b); it does not control the deductions allowable under section 24. Section 24 operates independently after annual value is determined in accordance with that proviso, and the proviso's restriction is not carried into the deduction computation. Accordingly, a loss can arise on computation under section 24. The question was answered in favour of the assessee and against the Revenue. en-us Mon, 20 Nov 2000 00:00:00 +0530 Mon, 13 Jul 2009 16:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14100 The second proviso to section 23(1) limits only the reduction applied to annual value under section 23(1)(a) or 23(1)(b); it does not control the deductions allowable under section 24. Section 24 operates independently after annual value is determined in accordance with that proviso, and the proviso's restriction is not carried into the deduction computation. Accordingly, a loss can arise on computation under section 24. The question was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Mon, 20 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14100