Case Law Details
Case Name : M/s. Scaffold Properties Pvt. Ltd. Vs. The Assistant Commissioner of Income Tax (ITAT Mumbai)
Related Assessment Year : 2004- 05
Courts :
All ITAT ITAT Mumbai
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Sec. 24 has been amended w.e.f. 01-04-2002. Before the amendment, various categories of expenditure like collection charges, insurance premium, ground rent, land revenue, etc., were allowable, but after the amendment, only two types of deductions are possible, namely, 30% of the total annual value and amount of interest paid for acquisition of property.
No other deduction is possible and accordingly we hold that the amount of expenditure incurred on account of brokerage, professional consu Please become a Premium member. If you are already a Premium member, login here to access the full content.
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