1983 (8) TMI 157

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....nership firm registered under the Income-tax Act, 1961. It relates to the income-tax assessment for the year 1978-79. The first ground of objection contained in ground Nos. 1 to 5 pertains to the computation of income from property under section 22 of the Income-tax Act, 1961 ('the Act'). The assessee held a property at Ranjitram Road, Gopipuram, Vaharwad, Ward No. 8, Surat, which was partly used ....

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....the income in respect of the property shall in no case be a loss. The AAC in the appeal preferred by the assessee on this point upheld the ITO's computation as correct. 2. In the appeal before us by the assessee on this point, it is contended that the departmental authorities are wrong in the computation of income adopted by them and holding that in no case there can be a loss under the head 'I....

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.... that the deduction contemplated under section 23 is, as stated therein, for the purpose of determining the annual value of any property contemplated under section 22, which is required to be charged under the head 'Income from house property' and such income from house property has to be computed by further deductions under section 24. Another submission made in this connection is that the second....

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....ontention. According to the order and sequence of the provisions of sections 22 to 24, it is clear that the deduction contemplated under section 23 in respect of any residential unit is only for the purpose of determining the annual value of the concerned property and in determining such annual value there cannot be a loss figure and at best it can be a nil figure only. The deduction under section....