2 results for “charitable trust”+ Section 263clear
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Bench: Shri C.M.Garg & Shri O.P.Meenaआ.अ.सं./I.T.A No. 67/Ahd/2016/Srt िनधा"रण वष"/Assessment Year : Sigma Institute Of Technology & Vs. Pr. Commissioner Of Engineering , Income-Tax (Central), At Bakrol, Near Madhav Nagar, Surat. Ajwa-Nimeta Road, Tal. Waghodia, Dist. Vadodara-390010 Pan: Aajts7182G अपीलाथ" Appellant ""यथ"/Respondent
Section 12 (3) of the Act bars exemption , where the founder trustees or their relatives personally benefited from the trust because the trust in that case loses its public character. It was held by Hon’ble Apex Court in the case of Director of Income tax vs. Bharat Diamond Bourse (2003) 259 ITR 280 that in the case