two Directors of the said companies, namely,
Nikhil Mahajan and Gautam Puri, who were holding the posts of Secretary-
cum-Treasurer and Managing Trustee respectively ... provisions, whereas the main
beneficiaries of the income were the two main trustees, i.e., Nikhil Mahajan
20 ITA 2849(Del)2010
and Gautam Puri
expenses shown in the Profit & Loss account of the aforesaid two
companies was mostly in the nature of salary, travelling, conveyance,
business promotion ... which relatives of trustee are interested. This work has been
entrusted to these two companies due to peculiar nature of the
work. The course content
assessment can be
made only on the trustees. However, in this case also the liability of the
trustees cannot exceed the aggregate liabilities ... beneficiaries.
Therefore, in view of the aforesaid two decisions of the apex court, it
follows that the trustees are liable
duly signed by all
the trustees as well as the income-tax particulars of last two years of the
persons in-charge of the management
profit or advantage from the
relationship without full disclosure. The category includes
trustees, Company promoters and directors, guardians,
solicitors and clients and other similarly placed ... Lyell v. Kennedy, (1889) 14 AC 437, the Court explained
that whenever two persons stand in such a situation that
confidence is necessarily reposed
first place.
The issues before us here are clearly two-
(1) the applicability ... held that the following relationships can be categorized, as
fiduciary:
• "Trustee/ beneficiary ( Section 88 , Indian Trusts Act, 1882).
4
• Legal guardians/ wards ( Section
foreign supplier. The refund claim of the appellant was rejected on two grounds:-
(a) Inspection of short shipment of goods was not carried ... been challenged, he relied on the decision of Board of Trustees of the Port of Mormugao vs. Union of India
where the claimant has his account, duly
verifying his signature, and 3. Two passport size photographs of the claimant
duly signed by his banker ... favour of
Anumolu Trust with S.Narasimha as the executor and managing trustee of the
Trust. The Trust, on the basis of letter of administration
reads as follows:
"Section 88. Advantage gained by fiduciary. - Where a
trustee, executor, partner, agent, director of a company,
legal advisor, or other person ... provision itself. The question of any
fiduciary relationship therefore arising between the two must
therefore be ruled out. It bears reiteration that there
reads as follows:
"Section 88. Advantage gained by fiduciary. - Where a
trustee, executor, partner, agent, director of a company,
legal advisor, or other person ... provision itself. The question of any
fiduciary relationship therefore arising between the two must
therefore be ruled out. It bears reiteration that there
