https://www.taxtmi.com/caselaws?id=247273 The High Court upheld the Tribunal's decision regarding a transaction between a Trust and a Private Limited Company for Assessment Year 2001-02. The Court determined that the transaction was an advance for asset acquisition, not a loan, and therefore did not violate section 13(2)(a) of the Income Tax Act. The Appeal challenging the Tribunal's decision was dismissed for lack of merit and without costs. en-us Wed, 16 Apr 2014 00:00:00 +0530 Wed, 07 May 2014 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247273 The High Court upheld the Tribunal's decision regarding a transaction between a Trust and a Private Limited Company for Assessment Year 2001-02. The Court determined that the transaction was an advance for asset acquisition, not a loan, and therefore did not violate section 13(2)(a) of the Income Tax Act. The Appeal challenging the Tribunal's decision was dismissed for lack of merit and without costs. Case-Laws Income Tax Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247273