TMI Blog2015 (3) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... itled to benefit of Section 11 of the Act - ITAT allowed exemption - Held that:- The Commissioner of Income Tax (Appeals) as well as the Tribunal on examination of the record have determined that the income derived from its property by the respondent-assessee should be treated as income from house property and not as business income. This finding of the Commissioner of Income Tax (Appeals) is upheld by the impugned order. We find that as two Authorities under the Act have concurrently come to a finding of fact that the amounts received by the respondent-assessee on account of letting out of its property is income taxable under the head "income from house property". Thus, no occasion to apply Section 11A (4) of the Act as canvassed by the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is a Trust imparting education, medical help and financial aid to the physically handicapped persons. The respondent-assessee Trust has been granted registration under section 12A of the Act by the Commissioner of Income Tax. Further the respondent - assessee also received grand-in-aid from the Government of Maharashtra to fulfill its charitable purpose of assisting physically handicapped persons. 3. The Assessing Officer was of the view that the respondent-assessee was commercially exploiting its property inasmuch as it had rented out its premises to Cell companies for the purposes of erection of cell towers as well as renting out hall for holding of marriages, reception/ parties etc. In the above view, the Assessing Officer conclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is not entitled to benefit of Section 11 of the Act. It is submitted in particular that installation of cell towers etc. requires specific permission from various authorities besides electrical connection etc. It is further submitted that in terms of Sub-section 4 of Section 11, the provisions of Section 11 would not apply to income of a Trust arising from business, unless the business is incidental to attainment of the objectives of a Trust and separate books of account are maintained. It is submitted by Mr.Malhotra, learned Counsel for the Revenue that in the present facts, the business is not incidental to the objectives of the Trust and respondent-assessee is not maintaining separate books of accounts. 6. We find that the Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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