https://ift.tt/33xEsAZ of proof that lease rent paid to trustees was beyond FMV lies on Revenue

Revenue ought to have brought evidence on record by bringing comparative quotations to prove the fact that the lease rent paid in the sum of Rs. 2 lakhs per month to the trustees was excessive or unreasonable and beyond the fair market value thereon. Since ssessee placed on record that the market value of the land was Rs.13,03,76,400/- as per the registered lease deed and the payment of lease rent of Rs.24 lakhs works out to hardly 1.86% thereon. Hence, it could be safely concluded that the rent paid by assessee-trust to the trustees was not excessive or unreasonable. https://ift.tt/eA8V8J June 21, 2021 at 12:36PM TaxGuru https://taxguru.in