2018 (2) TMI 2066

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....is an appeal filed by the assessee against the order of CIT(A)- 1, Mumbai dated 16/08/2017 for A.Y.2012-13 in the matter of order passed u/s.143(3) of the IT Act 1961. 2. In this appeal, assessee is aggrieved for confirming the disallowance of deduction claimed by assessee of Rs. 13,01,154/- u/s.24 in respect of income from House Property. 3. Rival contentions have been heard and record peru....

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....cipal taxes of Rs. 572996/- and deduction u/s.24(a) of the I.T. Act @ 30% of Rs. 13,01,154/-. 5. As per the computation of income so filed by the assessee, the Total Income of the Trust was shown at Rs. 70,38,734/-, 85% of which was worked out at Rs. 59,82,924/-. As against this, the assessee claimed to have spent Rs. 57,15,790/- for the object of the trust, leaving a short fall of Rs. 2,67,134....

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.... through the orders of the authorities below and found from record that AO has disallowed assessee's claim of deduction u/s.24 in respect of income from House Property on the plea that assessee is a Trust. Income of the Trust is to be computed commercially, keeping in view the provisions of the Act, The Hon'ble Punjab and Haryana High Court in the case of Tiny Tots Education Society 330 ITR 21 hel....