TMI Blog2018 (2) TMI 2066X X X X Extracts X X X X X X X X Extracts X X X X ..... visions 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 CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1, Mumbai dated 16/08/2017 for A.Y.2012-13 in the matter of order passed u/s.143(3) of the IT Act 1961. 2. In this appeal, assessee is aggrieved for confirming the disallowance of deduction claimed by assessee of ₹ 13,01,154/- u/s.24 in respect of income from House Property. 3. Rival contentions have been heard and record perused. 4. Facts in brief are that the assessee is a trust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the I.T. Act @ 30% of ₹ 13,01,154/-. 5. As per the computation of income so filed by the assessee, the Total Income of the Trust was shown at ₹ 70,38,734/-, 85% of which was worked out at ₹ 59,82,924/-. As against this, the assessee claimed to have spent ₹ 57,15,790/- for the object of the trust, leaving a short fall of ₹ 2,67,134/- which the assessee claimed wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the authorities below and found from record that AO has disallowed assessee s claim of deduction u/s.24 in respect of income from House Property on the plea that assessee is a Trust. 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 330 ITR 21 held that assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
