If building is constructed by trust on land owned by trustee; the provisions of sec 13(1) does not gets attracted

Brief of the case: Madras High Court in M/s Natya sankalpaa Vs DIT Exemptions held that if the trustee would compensate the trust with the amount which trust had applied on the property of the trustee then it could not be said that the income of trust had applied to the benefit of trustee and exemption of sec 13(1) could not be denied. Facts of the case: Assessee formed a trust with his wife to promote bharatanatyam and other forms of Indian classical dance. Assessee was the owner of the land which he allowed the trust to construct the building with the income of the trust on the same land and...