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2023 (2) TMI 200 - ITAT CHANDIGARHExemption u/s 11 - invoking the provisions of section 13(1)(d) was that the interest free security deposit was given to the family trust along-with lease rent paid for land taken on lease for the family trust - HELD THAT:- In A.Y. 2014-15[2019 (10) TMI 1545 - ITAT CHANDIGARH].and A.Y. 2015-16 & 2016-17 [2021 (9) TMI 1472 - ITAT CHANDIGARH] we find that under identical facts and circumstances of the case, the AO has determined the impugned transaction of payment of rent to M/s. Lala Daswandi Ram Family Trust as covered under section 13(1)(c) r/w 13(3) of the Act and has worked out excess rent and the same has only been brought to tax. During the course of hearing, AR has also raised alternate contention that the aforesaid findings of the AO for A.Y. 2014-15 and A.Y. 2015-16, which are not under challenge by either of the parties, may be followed for the impugned assessment year and only excess rent may be brought to tax in the hands of the assessee and whole of the surplus cannot be brought to tax. As submitted by the Ld. AR that the same is acceptable to the assessee and the assessee has no objection where the same is directed to be followed for the impugned assessment year.DR has also not raised any objection where the said findings are followed in the instant case. Therefore, AO is directed to tax the excess rent so computed and bring the same to tax as per provisions of section 13(1)(c) r/w 13(3) of the Act and the remaining addition is hereby directed to be deleted. Appeal of the assessee is partly allowed.
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