Rent cannot be increased for mere increase in prices of land

Brief of the Case: In the cited case, ITAT inter-alia held that merely because prices of land has gone up, rent cannot be increased particularly to persons covered u/s 40A(2)(b) of the I.T Act without looking into agreement in respect of rent for the earlier years and for the present year, it cannot be accepted the increase in rent is proper and as per the agreement.

Facts of the Case: The Assessee appealed against three separate orders of CIT (A) dated 24.05.2014 for A.Y.2003-04, dat

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