https://www.taxtmi.com/caselaws?id=400804 The Tribunal allowed the appeal, directing the deletion of the denial of exemption under Section 11 of the Income Tax Act. It found the rent paid to the trustee to be reasonable and comparable to market rates. The AO's conclusions lacked substantial evidence, and the CIT(A)'s suggestion for the trust to purchase the leased land was deemed meritless as the land was fully utilized for educational purposes. The decision favored the assessee, resulting in the deletion of the exemption denial under Section 11. en-us Mon, 31 Aug 2020 00:00:00 +0530 Thu, 19 Nov 2020 09:08:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400804 The Tribunal allowed the appeal, directing the deletion of the denial of exemption under Section 11 of the Income Tax Act. It found the rent paid to the trustee to be reasonable and comparable to market rates. The AO's conclusions lacked substantial evidence, and the CIT(A)'s suggestion for the trust to purchase the leased land was deemed meritless as the land was fully utilized for educational purposes. The decision favored the assessee, resulting in the deletion of the exemption denial under Section 11. Case-Laws Income Tax Mon, 31 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400804