Trib.) 9. DCIT v. Sushil Kumar Jain

DCIT(E), Circle-1(1), New Delhi vs. Indian Grameen Services, New Delhi

In the result, the appeal of the Revenue in ITA No

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

…essee went in appeal before the ITAT which set aside the matter back to the CIT(A). In the 2nd round, the CIT(A) discussed the issue of adequacy at length and relying on the Hon'ble ITAT Delhi Bench 'A' in the case of Shree Ram Vaikuntha Trust vs ITO [(1986) 15 ITD 1 (Delhi), came to the conclusion that the rent received from the specified concerns was adequate. The ld. CIT(A) supported his conclusion as under : “The expression 'adequate' means legally sufficient or such as is lawfully and reasonably sufficient. In the case of CCT v. Indo Traders &Agencies (Madras) (P.) Ltd. [1981] 131 ITR 313, it was held by…