In the result, both the appeals of the assessee are partly allowed
Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1147, 1133, 1134 & 1136/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2007-08 To 2009-10 & 2011-12 वष"
section 13 of the Act. AO also suspected the siphoning of funds by the trustees and eventually, held that trust funds are diverted for the benefits of the principal trustee. AO referred to the addition of item No.5 (page 4 N- ante) and mentioned that securing of loans without providing the guarantee and without charging of interest, constitutes the case