This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No Violation of Section 13 on refund of Advance against property with Interest from Interested Parties
Case Law Details
- Case Name
- M/s Vels Institute of Science Technology & Advanced Studies Vs The Deputy Director of Income Tax (Exemptions) (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Chennai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
M/s Vels Institute of Science Technology & Advanced Studies Vs. DDIT (E)- ITAT Chennai- Section 13(1)(a) says that if any part of the property or income of the Trust is given to the interested person without either adequate security or adequate interest, for the benefit of the person interested, then there shall be a diversion of funds for the interested person. Section 13(1)(c) says that if the amount paid is excess of what was reasonably paid for the service rendered has to be considered as used or applied for the benefit of person interested. In the case before us, the Managing Truste...
