https://www.taxtmi.com/caselaws?id=787156 Whether properties purchased in trustees' names from trust funds constituted application of trust property for trustees' personal benefit was decided by applying the test that disqualification requires actual enjoyment, diversion or personal advantage to specified persons; contemporaneous transfers of school assets to the trust, payment from those trust funds, recording of the land in trust accounts, trust-led construction and statutory recognition, and title records established beneficial ownership and exclusive enjoyment by the trust, and therefore no personal benefit to trustees was found and the trust exemption remains available. en-us Tue, 24 Feb 2026 00:00:00 +0530 Fri, 27 Feb 2026 08:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787156 Whether properties purchased in trustees' names from trust funds constituted application of trust property for trustees' personal benefit was decided by applying the test that disqualification requires actual enjoyment, diversion or personal advantage to specified persons; contemporaneous transfers of school assets to the trust, payment from those trust funds, recording of the land in trust accounts, trust-led construction and statutory recognition, and title records established beneficial ownership and exclusive enjoyment by the trust, and therefore no personal benefit to trustees was found and the trust exemption remains available. Case-Laws Income Tax Tue, 24 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787156