Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1318 - AT - Income TaxExemption u/s 11(1)(a) - CIT(A) in not allowing standard deduction of 30% from rental income as available u/s 24(a) - HELD THAT:- The issue is squarely covered against the assessee by the order of the Tribunal in the assessee’s own case for the A.Y. 2004-05 [2013 (10) TMI 875 - ITAT MUMBAI] wherein similar claim of the assessee has been rejected by the Tribunal on the reason that the income of a charitable trust is exempt from tax under chapter III of the Act and the said income does not form part of the total income of the entity. It is only the income forming part of the total income us/ 2(45) of the Act which is to be classified under various heads of income u/s 14. Accordingly, the Tribunal denied the claim of the assessee made u/s 24 of the Act. In the said decision, the Tribunal has analysed various decisions of the Apex Court and the Tribunal. Since, similar issue of allowability of the claim made u/s 24 has been denied by the Tribunal in the assessee’s own case for the AY 2004-05, we are of the considered view that the present appeal filed by the assessee deserves to be dismissed and thus the order of the Ld.CIT(A) is upheld. Appeal filed by the Assessee is dismissed.
|