Expense on let out commercial property maintenance- Section 11 Exemption

DCIT Vs Mukund Bhavan Trust (ITAT Pune) Revenue challenging the action of CIT(A) in allowing exemption u/s. 11 of the Act without appreciating the expenditure on the objects of the trust is negligible as compared to expenditure incurred on maintenance of commercial property. AO found that the assessee incurred capital expenditure towards Mandir and Vidyalaya which is the part of total expenditure of Rs.544.54 lakhs. Further, he held that the capital expenditure incurred other than the objects is negligible as compare to expenditure incurred towards the objects. We find that the AO summarized t...