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2011 (3) TMI 1353 - HC - Income TaxDeductible expenditure section 24(1)(iv) - house property income - remuneration payable to Shebaits which is fixed by the founder of the Deed of Settlement - whether amount to annual charge on the property? - Held that:- Once the assessee/deity itself is vested with the property and is the legal owner of the property, the expenditure incurred as remuneration of its Shebaits must be considered to be the expenditure incurred by the assessee for its own management and thus, would not be construed as incurred in discharge of an obligation of an annual charge on the property - Hence, it is unable to accept the contention of assessee that the remuneration payable to Shebaits should be treated to be "annual charge" within the meaning of section 24(1)(iv) - No merit in this appeal and the point formulated by the Division Bench is answered in the negative in favour of the Revenue - The appeal is, thus, dismissed.
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