2012 (3) TMI 513

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....countant Member) In the appeal preferred by the Assessing Officer (AO), two effective grounds of appeal have been raised - "1. On the facts and in the circumstances of the case, and in law, the Ld. CIT(A), Mumbai erred in deleting an amount of ₹ 1,63,87,142/- added in the income of the assessee on the grounds that the assessee had exercised its option u/s. 11(1) read with Explanation 2 of....

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.... as a legitimate deduction in computing the real income of the assessee on general principles or under section 11(1)(a) of the Income-tax Act, 1961. Income of a charitable trust derived from building, plant and machinery and furniture is liable to be computed in a normal commercial manner although the trust may not be carrying on any business and the assets in respect whereof depreciation is claim....