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2019 (8) TMI 608 - AT - Income TaxIncome derived from property held under trust u/s 11 - deemed rental income - AO made addition of difference of deemed rental and actual rent received by the appellant - HELD THAT:- Provisions u/s 11(1)(a) of the Act speaks about the actual receipt of the income and actual expenses incurred for that and deemed income is not to be assessed. In the present case, the factual situation is not different such as land has been allotted by the Collector vide letter dated 24.07.1979 and the valuation has been done in view of the valuation report dated 27.01.1986 in which the valuation assessed of the carpet area which was accepted by Charity Commissioner as per the clause-8 of the order lies at page no 33 to 50 of the paper book. The consent terms has been executed before the Hon’ble High Court of Bombay - The notification dated 11.06.1988 is on the file which lies at page no. 25 of the paper book speaks about this fact that the provisions of Part-II of the Act Bombay Rents, Hotel and Lodging House Rates Control, Act, 1947 is not applicable to the case of the assessee trust, therefore, in the said circumstances and in view of above discussed law, no deemed rent is liable to be assessed in the case of the assessee, hence, the finding of the CIT(A) is not justifiable, hence, is hereby ordered to be set aside. Accordingly, all the issues are decided in favour of the assessee against the revenue.
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