Sale of property to trustee at market value not violates Section 13(1)

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...