https://www.taxtmi.com/caselaws?id=433742 The tribunal partly allowed the Revenue's appeal on the grant of deduction under section 24(a) of the Income Tax Act on rental income earned by a trust, directing the Assessing Officer to disallow the 30% deduction claimed by the trust. However, the tribunal dismissed the appeal regarding the computation of exemption under section 11 of the Act, upholding the CIT(A)'s decision to grant a 15% exemption and allow expenses to be set off against income. The judgment provided detailed legal analysis and interpretations to resolve the issues raised by the Revenue, ensuring compliance with the Income Tax Act. en-us Mon, 30 Jan 2023 00:00:00 +0530 Tue, 07 Feb 2023 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433742 The tribunal partly allowed the Revenue's appeal on the grant of deduction under section 24(a) of the Income Tax Act on rental income earned by a trust, directing the Assessing Officer to disallow the 30% deduction claimed by the trust. However, the tribunal dismissed the appeal regarding the computation of exemption under section 11 of the Act, upholding the CIT(A)'s decision to grant a 15% exemption and allow expenses to be set off against income. The judgment provided detailed legal analysis and interpretations to resolve the issues raised by the Revenue, ensuring compliance with the Income Tax Act. Case-Laws Income Tax Mon, 30 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433742