Assessee is  a public trust registered under section 12AA. During year, assessee earned rental income from two properties leased out by it. Assessing Officer held  that rental income shown by assessee was not fair market value of rent and it was only nominal value as compared to prevailing market rent in area and, thus, he assessed rent at higher amount. Order of the Assessing Officer is affirmed. On appeal  the Tribunal held that accumulation or application in section 11(1)(a) must be of real income.  Further, entire income of trust in commercial sense had been spent for its purpose. Accordingly the trust could not be assessed on notional rental income in terms of CBDT Circular No. 005P(LXX-6), dated 19-6-1968 but only on actual rental income. (AY. 2016-17)