1985 (1) TMI 98

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....urchased a flat in a housing society. He had computed a loss of Rs. 5,732 under the head "house property". The ITO however, did not accept the assessee's contention. He arrived at the annul letting value after municipal deduction at Rs. 4,521. Thereafter, he arrived at the statutory deductions for repairs, insurance and interest on borrowed capital amounting to Rs. 3,078. After these deductions, t....

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....lasubramanian appearing in person submitted that this restriction is applicable to the annual letting value of the property assessed and not to the net income from house property arrived at after allowing the deduction permissible under s. 24. 4. I am of opinion that the Department's contention should be accepted. Although the provision referred to above appears in s. 23 which deals with the an....

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....(ii) in respect of any residential unit whose annual value as so determined exceeds two thousand four hundred rupees, an amount of two thousand four hundred rupees." It would be seen that sub-cl. (i) states that in respect of any residential unit whose annual value does not exceed Rs. 2,400 the amount of such value is to be deducted. If that is the amount only to be deducted, then there is no n....