Business started with loans would not render it as ‘property held under trust’

HIGH COURT OF DELHI Commissioner of Income-tax Versus Mehta Charitable Prajnalay Trust IT APPEAL Nos. 309, 417 OF 2003, 18 of 2004, 722 of 2007, 770, 1050 & 1051 of 2011 NOVEMBER 20, 2012 JUDGMENT R.V. Easwar, J.   These are seven appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961 (‘Act’, for short). The relevant assessment years are 1992-93 to 1994-95, 2001-02 and 2005-06 to 2007-08. In all the appeals except the appeal in ITA No.722/2007, the following substantial questions of law have been framed: – “(a)  Whether the Tr...