https://www.taxtmi.com/caselaws?id=759743 The ITAT upheld the CIT(A)'s decision, affirming the adequacy of rent charged by the assessee to specified persons under section 13(2)(b) of the Income-tax Act. The appeal by the Revenue was dismissed, confirming the assessee's entitlement to exemptions under sections 11 and 12. The ITAT emphasized that determining adequate rent requires considering all relevant circumstances beyond just market rates, and the burden of proving inadequacy lies with the Revenue. The decision was pronounced on 15.05.2024. en-us Wed, 15 May 2024 00:00:00 +0530 Tue, 08 Oct 2024 07:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759743 The ITAT upheld the CIT(A)'s decision, affirming the adequacy of rent charged by the assessee to specified persons under section 13(2)(b) of the Income-tax Act. The appeal by the Revenue was dismissed, confirming the assessee's entitlement to exemptions under sections 11 and 12. The ITAT emphasized that determining adequate rent requires considering all relevant circumstances beyond just market rates, and the burden of proving inadequacy lies with the Revenue. The decision was pronounced on 15.05.2024. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759743