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2018 (2) TMI 2066 - ITAT MUMBAIDisallowance of deduction claimed u/s.24 in respect of income from House Property - AO disallowed assessee’s claim of deduction u/s.24 on the plea that assessee is a Trust - HELD THAT:- 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 [2010 (7) TMI 377 - PUNJAB AND HARYANA HIGH COURT] held that assessee is entitled to claim depreciation even if entire amount of assets have been shown as utilization of funds. Jurisdictional High Court in case of Institute of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY HIGH COURT] has also held that claim of depreciation on fixed asset has to be allowed even if entire amount was shown as utilization of funds while computing surplus of the assessee’s funds. This decision of the Bombay High Court has been recently affirmed by the Hon’ble Supreme Court. Applying the proposition of law laid down in case of Institute of Banking Personnel Selection, we do not find any merit for the disallowance of claim of deduction u/s.24 in respect of income of assessee-Trust from House property. - Decided in favour of assessee.
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