https://www.taxtmi.com/caselaws?id=766644 ITAT Mumbai ruled in favor of the assessee trust on multiple issues. The tribunal held that ABET did not fall under specified persons in section 13(3), thus upholding CIT(A)'s decision to allow interest expenditure and lease rent deductions. However, the tribunal disallowed 30% standard deduction under section 24(a) for house property income, directing that trust property income be computed commercially without section 14 provisions. Regarding accounting systems, the tribunal allowed the assessee to continue following cash basis for income from other sources, rejecting revenue's hybrid accounting argument based on precedent from assessee's own case. en-us Mon, 24 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766644 ITAT Mumbai ruled in favor of the assessee trust on multiple issues. The tribunal held that ABET did not fall under specified persons in section 13(3), thus upholding CIT(A)'s decision to allow interest expenditure and lease rent deductions. However, the tribunal disallowed 30% standard deduction under section 24(a) for house property income, directing that trust property income be computed commercially without section 14 provisions. Regarding accounting systems, the tribunal allowed the assessee to continue following cash basis for income from other sources, rejecting revenue's hybrid accounting argument based on precedent from assessee's own case. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766644