Cash Transactions between Trust & Managing Trustee not attracts Section 269SS

Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) In the present case, the assessee is a registered society u/s. 12AA of the Act and its income is exempt u/s. 11 of the Act. The assessee in the stage of establishment of educational institution has undertaken the construction activity of building for the purpose of achieving the object of assessee society. In the course of construction of the building, the assessee needed urgent funds to meet the day to day requirement of the In that course of time, the assessee received Rs.15,64,50,000 in cash from the managing trustee viz....