Tax on income of Co-Op. Society from letting out of terrace

Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai) The issue in dispute in that case as per the Para reproduced from the Tribunal’s order above is regarding rent received from Reliance Telecom and in that case also, the assessee claimed a deduction u/s. 24 (a) of Rs. 1.65 Lakhs being 30% of such rental amount of Rs. 5.50 Lakhs. AO disallowed the same by holding that if income is liable to be taxed as income from other sources and not under the head Income from House Property. He made disallowance of the claim for deduction u/s. 24 (a) of the Act. Aggrieved, assessee carried the ma...