2016 (10) TMI 929

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 13th November, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2011-12. 2. The Revenue has urged following question of law for our consideration : "Whether on the facts and in the circumstances of the case and in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....third parties without obtaining prior approval of the Charity Commissioner as required under Section 36A(3) of the Bombay Public Trust Act, 1950. Thus, concluding that the respondent assessee is not a genuine trust. 4. Being aggrieved, the respondent assessee filed an appeal to the Tribunal. The Tribunal by the impugned order held that there is no dispute that the respondent assessee fully sati....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the appeal of the respondent assessee was allowed. 5. Mr. Malhotra, learned Counsel appearing for the Revenue urges that the Trust is not a genuine trust in as much as it has been borrowing funds on regular basis from third persons and has been repaying it by borrowing further funds from other parties on regular basis. Therefore, he submits that the facts arising in the impugned order of the T....