assessee on 20.7.2005 as well as in case of the
two trustees namely Shri Prataprai Kokhani and Shri Arun G.
Vartak and also in case ... through trustees of the trust or anybody
authorized by trustees. The acts of the trustees have to be
considered as acts on behalf
Trust account was concerned, it was held by the
concerned trustee only for two days and there was no benefit
whatsoever derived ... period for
which the amount was held by the trustee came to two days only and it
will not be reasonable to take a view
falling within the previous year. The assessee
consisted of two trustees, father and son. The Assessing Officer
found that as per the balance sheet ... given to other two trusts. He found that even this disposition was
supported by the resolution of the trustees, the earlier resolution
board of trustees/member, it is mentioned that a co-opted
member shall cease to be a trustee upon expiry of two years form ... CMSN Charitable Trust, Hyderabad
shall cease to be a trustee upon expiry of two years from the
date of co-option.
It is also noted
Chandrasekhar Charitable Trust.
ii) The settler who is the first managing trustee is
exclusive discretionary power with him for managing
the affairs of the trust ... witness in the trust
deed are not independent persons but are two
trustees.
v) Though clause-14 of the trust deed provides that the
trustees
Trustees very much continue and
it exists with its original registration number. simultaneously with the
bif urcated Trusts with same set of Trustees ... hereby appointed as the f irst trustees
of the said divided trusts under the said two new schemes
relating thereto".
9. From the above
funds with another Trust in which
the trustees had substantial interest and therefore, the trustees had
directly or indirectly derived benefit. According ... themselves. We cannot say that just
because two Trusts are having common trustees, they are related
concerns. Trust will not fall within the concept
except in two cases i.e. Sh. Anoop Sukhija and
Rajini, who had denied of even being employees of the assessee Institute.
Two letters were ... finalized the assessment on 30.12.2009.
The replies received from the two employees were never confronted to the
assessee. It was argued that none
case of the assessee it is seen that the
three trustees of NNT held shares in UPPL and BCPL only as a
legal and registered ... peculiar instance of duplicate ownership. Trust
property is, in fact, owned by two persons simultaneously in the
sense that one is under an obligation
directed
the AO to bifurcate the income of the assessee in the two objects and allow
exemption in respect of the part which was applied ... apportionment of income between two
objects of the trust and it was left to the exclusive discretion of the trustees to
spent what ever they
