TMI Blog2018 (5) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... idered, the rent would come to ₹ 3.60 crores per annum as against which, rent of ₹ 1.98 crores was paid. The CIT (Appeals) was also influenced by the fact that the lease had a locking period of 30 years. It can be seen that the entire issue is in the realm of appreciation of materials on record. CIT (Appeals) and the Tribunal concurrently came to the conclusion that the rent was not excessive. The application under section 13(1)(c) of the Income Tax Act therefore would be ruled out. - Decided in favour of assessee. - R/Tax Appeal No. 306 of 2018 - - - Dated:- 10-4-2018 - MR. AKIL KURESHI AND MR. B.N. KARIA, JJ. For The Petitioner : Mr Manish Bhatt For Mrs Mauna M Bhatt(174) ORAL ORDER ( PER : HONOURABLE MR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellate Tribunal was justified in allowing expenditure on donation of ₹ 48,73,831/- without appreciating the fact that once the provisions of section 13(3) is applicable the benefit of section 11 and 12 can be allowed further? 7. Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in allowing investment in fixed assets of ₹ 13,51,02,167/- without appreciating the fact that once the provisions of section 13(3) is applicable the benefit of section 11 and 12 can be allowed further? 2. The multiple questions relate to different disallowances made for the benefit under section 11 with the aid of section 13(3) of the Income Tax Act, 1961. The principal issue however concerns the rent p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er. As per this report, the valuation of the NA land was ₹ 9.10 crores and the value of construction would come to ₹ 13.08 crores. Thus, a total amount of valuation of land and building came to ₹ 25.66 crores. It was pointed out that the current fair market value of the property would come to ₹ 36.28 crores and the rent had been valued as per the prevailing rate fixed for the purpose of stamp duty. The assessee also pointed out that if 10% fair return on the investment was considered, the rent would come to ₹ 3.60 crores per annum as against which, rent of ₹ 1.98 crores was paid. The CIT (Appeals) was also influenced by the fact that the lease had a locking period of 30 years. Primarily on such grounds, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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