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2014 (5) TMI 849 - AT - Income TaxLoss from house property situated outside India - Liability to offer overseas rental income to tax by the resident individual – Held that:- Plain reading of Sec 90(2) shows that wherever DTAA is applicable in case of an assessee then the assessee has an option to apply either Indian Tax Laws or provisions of DTAA if same are more beneficial to the assessee - it is an option of the assessee whether to return income under the Indian tax laws where DTAA is applicable - if the assessee has exercised the option of filing return under Indian law, it could not have been refused simply because DTAA was applicable because it was option of the assessee - the assessee had right to file the return of global income in India and the Revenue is bound to give effect to such return – thus, CIT(A) is not correct in holding that income from house property from Australian property was not assessable in India – the order of the CIT(A) is set aside and the AO is directed to assess the income of house property that is loss from such house property in the hands of the assessee – Decided in favour of Assessee.
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