https://www.taxtmi.com/caselaws?id=14254 The Court ruled in favor of the assessee, upholding their claim for set off of loss from house property against income under other heads for the assessment years in question. The Court rejected the Revenue's argument that precluded any loss under Section 23, emphasizing the provisions of Sections 24 and 71 allowing for deductions and set offs. The judgment highlighted the legislative intent behind the provisions, clarifying the allowance of deductions for scenarios involving interest on borrowed capital and loss without immediate income. The Court affirmed the Tribunal's decision in favor of the assessee without costs. en-us Wed, 04 Jul 2001 00:00:00 +0530 Tue, 14 Jul 2009 16:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14254 The Court ruled in favor of the assessee, upholding their claim for set off of loss from house property against income under other heads for the assessment years in question. The Court rejected the Revenue's argument that precluded any loss under Section 23, emphasizing the provisions of Sections 24 and 71 allowing for deductions and set offs. The judgment highlighted the legislative intent behind the provisions, clarifying the allowance of deductions for scenarios involving interest on borrowed capital and loss without immediate income. The Court affirmed the Tribunal's decision in favor of the assessee without costs. Case-Laws Income Tax Wed, 04 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14254