2013 (3) TMI 839

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....nt has filed this appeal for assessment year 2007-08 against order dated 25.8.2011 of ld CIT(A)-1, Mumbai on the following grounds: "1. Whether on the facts and circumstances of the case and in law, Hon'ble High Court was right in ignoring the ratio of Hon'ble Supreme Court judgments in the case of Escorts Ltd vs. Union of India(199 ITR 43) wherein, Hon'ble Supreme Court has held that dou....

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....se of assessment proceedings, the Assessing Officer noticed that assessee has claimed deficit of Rs. 52,20,012/- after claiming exemption u/s.11 of the I.T.Act. The Assessing Officer also, inter alia, noticed that assessee has shown rent received from commercial complex of Rs. 14,72,376 and Rs. 60,000/- respectively, on which it has claimed deduction u/s.24 @ 30%. It was in this backdrop that the ....

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....cordance with the normal rule of accountancy and referred to the Board Circular dt. May 19,1968.. Therefore, he denied the claim of deduction u/s.24(a) of the Act. Being aggrieved, assessee filed appeal before ld CIT(A). 4. Ld CIT(A), after considering the submissions of assessee, has held that AO is not justified in disallowing deduction claimed by the assessee out of rental income. He referre....