https://www.taxtmi.com/caselaws?id=63124 A trust's leasing of property to a later substantial contributor did not, on the facts, establish inadequate rent or automatic denial of exemption under section 11. The Tribunal treated municipal valuation, the age and condition of the building, rent control limits, and the tenant's bearing of repairs and house tax as relevant to fair letting value, and held that annual value could not exceed fair rent or standard rent where rent control applied. It also faulted the Commissioner for assuming the whole land formed part of the tenancy and for relying on material not supplied to the assessee. The revision under section 263 was therefore unsustainable. en-us Tue, 30 Jul 1985 00:00:00 +0530 Thu, 27 Jan 2011 18:50:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63124 A trust's leasing of property to a later substantial contributor did not, on the facts, establish inadequate rent or automatic denial of exemption under section 11. The Tribunal treated municipal valuation, the age and condition of the building, rent control limits, and the tenant's bearing of repairs and house tax as relevant to fair letting value, and held that annual value could not exceed fair rent or standard rent where rent control applied. It also faulted the Commissioner for assuming the whole land formed part of the tenancy and for relying on material not supplied to the assessee. The revision under section 263 was therefore unsustainable. Case-Laws Income Tax Tue, 30 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63124