indenture dated 03.02.1999, where the
beneficiaries of the trust are the two trustees, their respective
5
I.T.A. No. 308 /Mum/20 14
Mamania
Schedule 9, the assessee has given loans and advances to the two trustees total
amounting to Rs. 1,35,74,709/- however, at the same ... specifically the trustees of the assessee trust as well as the concerns in which the
trustees are having substantial interest. Basically these two grounds
Facility granted to RCOM and RTL. The Axis Trustee
Services Ltd. was appointed as the Security Trustee in respect of the Deeds of
Guarantee. Around ... their accounts were declared as an NPA. On
01.02.2019, the Security Trustee under two separate letters invoked the Corporate
Guarantees and called upon
procuring NOC from Airports Authority of India for
SPDPL project. Thereafter, in two other meetings held between the
representatives of Satra Group and MJS group ... Subscription Agreement
and the Debenture Trustee Deed, both dated 1.3.2014 for proper
stamping. The Judicial Member in the two-member bench held as
follows
distinguishable in light of the facts of the present matter.
21. The two issues that arise in this appeal relate: -
(i) The locus standi ... Security Trustee Agreement
"THIS SECURITY TRUSTEE AGREEMENT ("this Security
Trustee Agreement") is made at Ahmedabad on 26th day of
November, Two Thousand
year
pertaining to salary paid to two guards by the assessee treated as
personal benefit to member trustee. Another aspect is consequential
to first part ... that the
contention of the appellant that services of two guards was
provided to the trustee in lieu of his services rendered for the trust
assessee submitted
that services of two drivers were provided to the trustee and Chief
Administrative Officer in lieu of services rendered for the trust ... Counsel for the
assessee explained that that services of two drivers were provided to
the trustee and Chief Administrative Officer in lieu of services
rendered
Commissioner of Appeals should not have confused these two
aspects and seems to think as the trustees and his family
members are treating the property ... Commissioner of
Appeals should not have confused these two aspects and seems to
think as the trustees and his family members are treating the
property
shall be deemed to be under the same
management.
Explanation III. - If two or more bodies
corporate under the same management
hold, in the aggregate ... group" means a group of-
(i) two or more individuals,
associations of individuals, firms,
trusts, trustees or bodies corporate
(excluding financial institutions
Mr P Varadarajan & Ors vs Dr. A. Jawahar Palaniappan & Anr on 18 November
