Tribunal held that the trust would be entitled for deduction in computation of income from house property. Followed ADIT v. Sri Sathya Sai trust ITA No 7350 /Mum/ 2011 dt 25-03 2013, referred Nandlal Tolani Charitable Trust, ITA No. 6970 & 199/Mum/2011 ITA No. 1111/Mum/2011. During year, assessee-trust added accumulation of income of certain amount as it was not spent and reduced it from income of trust. AO held that unutilized amount was taxable under S.11(3) as deemed income of assessee. CIT(A) up held the order. Tribunal remanded the issue back to file of AO. (AY. 2013-14, 2015-16)
Shantaram Bhat Charitable Trust v. CIT (2020) 180 ITD 735 (Mum.)(Trib.)
S. 11 : Property held for charitable purposes-Income from house property-Deductions-Trust would be entitled for deduction-Accumulation of income–Matter remanded. [S. 2(45), 11(3), 24]