TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>High Court affirms Tribunal decision on Trust-Company transaction for Assessment Year 2001-02.</h1> <h3>Director of Income Tax (Exemption) Mumbai Versus Lilavati Kirtilal Mehta Medical Trust, Mumbai</h3> Director of Income Tax (Exemption) Mumbai Versus Lilavati Kirtilal Mehta Medical Trust, Mumbai - TMI Issues: Interpretation of Section 13(2)(a) of the Income Tax Act for Assessment Year 2001-02.Analysis:1. The High Court examined the Appeal challenging the Tribunal's decision to reverse the orders of the Assessing Officer and the Commissioner of Income Tax (Appeals) regarding a transaction involving a Trust and a Private Limited Company.2. The Tribunal found that the transaction in question was not a loan but an advance to facilitate the Trust in acquiring an asset, with the understanding that the amount would be returned if the construction was not completed. The High Court held that the Tribunal's conclusion was based on a proper analysis of the facts and circumstances, and was not erroneous or legally flawed.3. The Court specifically focused on the application of section 13(2)(a) of the Income Tax Act, which deals with transactions between a Trust and a related entity. It concluded that the provision was not violated in this case as the transaction was not a loan but an advance for asset acquisition, thereby dismissing the Appeal for lack of merit and without costs.
TaxTMI 