ABET is a charitable trust registered under s. 12A, and there is no material available on the record to infer that it exists for the purpose of profit. Therefore, the question of entitlement to any profit of ABET does not arise.. Hence, the provisions of s. 13(3)(e) is also not applicable to the facts of the present case. Tribunal also held that the disallowance of lease rent paid by the assessee for a building which was provided free of charge to ABET to enable it to start a school, which was deleted by the CIT A), was upheld.   Deduction under section 24 claimed by the trust on income declared under the head income from house property is not allowable. The Tribunal also held that the assessee has followed the cash basis of accounting since inception for the purpose of income tax returns, even though it is following the mercantile system of accounting; accordingly, the addition made by the Assessing Officer on account of interest accrued but not received is not sustainable.  (AY.2011-12)