https://www.taxtmi.com/caselaws?id=466451 Whether transactions amounted to diversion of trust funds benefiting persons specified in section 13(3) was tested by their substantive nature; repayments to a company were held to be reimbursement of a loan to the managing trustee after rectifying accounting entries, and advances to an associated college and discounted long term licence payments did not show use for trustees' personal benefit. The tribunal found aggregate trustee credits exceeded amounts treated as diversion and concluded no prohibited benefit under section 13(1)(c)/(d), so exemption under section 11 was not vitiated and the revenue appeal was dismissed. en-us Mon, 11 Sep 2017 00:00:00 +0530 Mon, 09 Feb 2026 11:49:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466451 Whether transactions amounted to diversion of trust funds benefiting persons specified in section 13(3) was tested by their substantive nature; repayments to a company were held to be reimbursement of a loan to the managing trustee after rectifying accounting entries, and advances to an associated college and discounted long term licence payments did not show use for trustees' personal benefit. The tribunal found aggregate trustee credits exceeded amounts treated as diversion and concluded no prohibited benefit under section 13(1)(c)/(d), so exemption under section 11 was not vitiated and the revenue appeal was dismissed. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466451