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Sale of property to trustee at market value not violates Section 13(1)
Case Law Details
- Case Name
- Dr. Kondabolu Basavapunaiah & Dr. Lakshmi Prasad Trust Vs ITO (Exemption) (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Visakhapatnam
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Dr. Kondabolu Basavapunaiah & Dr. Lakshmi Prasad Trust Vs ITO (Exemption) (ITAT Visakhapatnam)
ITAT Vizag Allows 11 Exemption – Sale to Trustee at Market Value Not Violation of Section 13- No Undue Benefit to Trustee – ITAT Strikes Down Denial of Exemption
Assessee, a charitable trust registered u/s 12A & 80G, had sold land admeasuring 1675 sq. yards at Koritipadu to one of its trustees, Dr. Kondabolu Vara Prasad. The original sale deed dated 12.05.2016 mentioned consideration of Rs. 1,00,50,000/- against stamp duty value of Rs. 1,67,50,000/-. Later, a rectification deed dated 31.0...
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