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TMI Blog2013 (3) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... e property of the lessor after the expiry of the term of the period of lease. After the expiry of the leased period, it is always open to the assessee to remove the constructions and, therefore, no benefit would directly enure to the benefit of the trustees. - Decided in favor of assessee. - INCOME TAX APPEAL No. - 503 of 2009 - - - Dated:- 15-1-2013 - R.K. Agrawal And Ram Surat Ram (Maurya),JJ. Petitioner Counsel :- A.N.Mahajan Respondent Counsel :- Niraj Tiwari ORDER Vakalatnama filed today by Sri Anuj Kumar Sharma be taken on record. The present appeal has been filed under section 260A of the Income Tax Act, 1961 hereinafter referred to as the Act) against the order dated 08.05.2009 passed by the Income Tax Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to by the trustees in their individual names and on behalf of the trust as its trustee, is a collusive document because no power had been given to the trust to transfer its super structure by way of sale, mortgage or otherwise and therefore, no such deed could be registered simply because of the fact that the trust is not owner of the property consisting of land and building? 3. Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in not appreciating that the trust created was not irrevocable in terms of clause 2 of the Registered Trust deed dated 04.02.2003 and also section 14 of the Indian Trust Act mandatorily require that the trustees would not set up title adverse to the beneficiary whereas in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and valid in the eye of law?" Briefly stated, the facts giving rise to the present appeal are as follows: The respondent-assessee is a trust. It runs an educational institution from Class LKG to Class X affiliated with CBSE Board. It had taken on lease, land which belongs to two of its trustees. Initially, the lease deed was executed for a period of 11 months which under law was not required to be registered. This continued for three continuous term of 11 months. Subsequently, a registered lease deed was executed for a period of 29 years from 14.06.2005 to 13.06.2034, the monthly rent remaining the same i.e. Rs. 1000/- per month. The Assessing Officer relying upon the terms of the unregistered lease deed drew an inference that as the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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