https://www.taxtmi.com/caselaws?id=360705 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal. The main issue of excessive rent payments to trustees or their HUF was found to be reasonable and not in violation of section 13(1)(c) of the Income Tax Act. The Tribunal's thorough analysis of the rent payments, considering fair market value and prevailing rates, supported the exemption under sections 11 and 12 of the Act. The allowances of the impugned funds and investments were also justified, aligning with the Act's provisions. en-us Tue, 10 Apr 2018 00:00:00 +0530 Mon, 21 May 2018 13:40:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360705 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal. The main issue of excessive rent payments to trustees or their HUF was found to be reasonable and not in violation of section 13(1)(c) of the Income Tax Act. The Tribunal's thorough analysis of the rent payments, considering fair market value and prevailing rates, supported the exemption under sections 11 and 12 of the Act. The allowances of the impugned funds and investments were also justified, aligning with the Act's provisions. Case-Laws Income Tax Tue, 10 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360705