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Sec 13(1)(c) Not Attracted for Higher Profit to Related Concerns: Karnataka HC
Case Law Details
- Case Name
- CIT Vs CMR Jnanadhara Trust (Karnataka High Court)
- Appeal Number
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- Courts
- All High Courts, Karnataka High Court
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CIT Vs CMR Jnanadhara Trust (Karnataka High Court)
Sec. 13(1)(c) Not Attracted Merely Because Trust Paid Related Concerns Higher Profits – Consistency Principle Applied: Karnataka HC
The assessee-trust, registered u/s 12A, claimed exemption u/s 11. During scrutiny u/s 143(3), the AO held that payments made by the trust to certain related concerns in which trustees had substantial interest were excessive and unreasonable. The AO invoked Sec. 13(1)(c) r.w.s. 13(3) and denied exemption on the ground that the payments amounted to diversion of income to specified persons.
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