Exemption u/s 11 - Inadequate rent received by the ...

Court Upholds Exemption, Rejects Revenue's Claim on Rent Adequacy and Security Deposit u/s 13(2)(b) Income Tax Act.

February 22, 2022

Case Laws Income Tax HC

Exemption u/s 11 - Inadequate rent received by the respondent/assessee - The submission of the learned counsel for the appellant (Revenue) that the respondent had not taken any security deposit from Hamdard Dawakhana (Wakf) and thereby violated Section 13(2)(b) of the Act, has also been stated only to be rejected. Security Deposit may be one of the factors to be taken into consideration by the Assessing Officer for coming to a conclusion if the rent was “adequate”, however, it cannot be a sole determinative factor. - HC

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Exemption u/s 11 - Inadequate rent received by the ...

Court Upholds Exemption, Rejects Revenue's Claim on Rent Adequacy and Security Deposit u/s 13(2)(b) Income Tax Act.

February 22, 2022

Case Laws Income Tax HC

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