Per Shri M.C. Agarwal, Judicial Member - This is an assessee’s appeal arising out of its assessment for assessment year 1981-82.

2. The assessee is a charitable trust and its Income in the earlier years was treated as exempt under section 11 of the. Income-tax Act, 1961. One of the properties owned by the trust is property No. 19, Tughlak Road, New Delhi which was settled on trust by Smt. Leela Devi Aggarwal and her son Harsh Kumar Aggarwal, who wore the joint owners thereof. At the time of the settlement M/s Ghaziabad Engineering Co. P. Ltd. was a tenant on behalf of the aforesaid assessee In the said property. The said company had taken the premises on lease for the purposes of the residence of Shri P.N. Aggarwal and his family. Shri P.N. Aggarwal is the managing director of the said company and is the husband of Smt. Leela Devi and the father of Shri Harsh Kumar, the settlors. A monthly rent of Rs. 4,000 was being paid by the said company to the trust on account of the aforesaid tenancy in the year under consideration. While framing the assessment for the year under consideration I.e. for assessment year 1981-82, the previous year for which ended on 31-3-1981, the ITO took t