Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 723 - AT - Income TaxAllowable deductions under Section 23 & 24 of Income Tax Act,1961 in computing ‘Income from House Property’ – Held that:- Relying upon the decision of Kolkata High Court in the case of CIT Vs Sreelekha Banerjee [1988 (12) TMI 53 - CALCUTTA High Court], the legal position that as per the provisions of sections 23 & 24 of the Act, income chargeable under the head 'income from house property' shall be computed after making the deductions of municipal taxes paid by the owner, a sum equal to thirty per cent of annual value and the amount of interest payable on borrowed capital where the property has been constructed, repaired, renewed or re-constructed with borrowed capital - Remaining expenses claimed by the assessee do not qualify for deduction from the ALV of the property as these expenditure are incurred by the assessee are not permissible under the provisions of sections 23 and 24 of the Act – Decided against the Assessee. Principle of estopple and res-judicata - Since all similar expenses have been allowed in the earlier years - The assessee is entitled for deduction of all the impugned expenditure this year also – Held that:- Principle of estoppel or res-judicata is neither applicable against the statute nor against the settled position of law – Decided against the Assessee.
|