1979 (7) TMI 146

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....died on 12th Oct., 1978 and his legal heirs are his widow Mrs. Rm. Meiyammai Achi and three sons, namely, Rm. Alagappan, Rm. Nagappan and Rm. Meenakshisundaram (minor son). Accordingly the above legal heirs are brought on record. 2. The relevant previous year of the assessee ended on 31st March, 1974. The Revenue's ground in this appeal is that the AAC was wrong in holding that the entire inter....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g only Rs. 31,536. 3. Before the AAC in appeal the assessee contended that the interest payment of Rs. 42,050 made on borrowings utilised for the house construction should be allowed in entirety under s. 24(1)(vi) and it should not be restricted proportionately to the period of letting out and that he had no objection for the adoption of the annual letting value at Rs. 24,000 (for 12 months). T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ted in the manner done by the ITO. 5. We have carefully considered the rival submissions and would concur with the AAC's finding. Under s. 22 the annual value of the property shall be chargeable to income-tax under the head income from house property'. Under s. 24 such chargeable income has to be computed after making, inter alia, the deduction under sub-cl. (vi), where the property has been ac....