COMMISSIONER OF INCOME TAX Vs. K RAJAGOPALAN

JUDGEMENT

(1.) THE questions referred to us, at the instance of the Revenue, are :

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the word 'income' referred to in the second proviso to Section 23(1) could refer to only the annual value and not the 'income' after the deduction admissible under Section 24 ?"

(3.) THE limitation with regard to the extent of the deduction of the annual value provided for in the second proviso to Section 23(1) is only with reference to the annual value determined under Section 23(1)(a) or 23(1)(b) and it has no relevance whatever for determining the extent of deductions provided for under Section 24 of the Act.