which
were provided to the Trustee and on expenditure of Foreign tours of trustees and
also further concessional educational expenses incurred on relatives ... concessional educational expenses or loan given to relatives of trustees
and foreign travel expenses of trustees cannot be said to be mere adhoc
disallowance
their
associates;
(iv) mutual fund with sponsor or trustee
or asset management company;
(v) foreign institutional investors with
sub-account(s);
(vi) merchant bankers with ... holding company, a subsidiary, directors, mutual
fund with sponsor or trustee, foreign institutional investors, merchant
bankers, so on and so forth. In this context
holding company, a subsidiary, directors, mutual fund with
sponsor or trustee, foreign institutional investors, merchant
bankers, so on and so forth. In this context
trustees were as follows :
Name of Trustee Payment in Rs. Nature of payment
Mr. Vikram Chavan 1,20,00,000/- Salary to Managing
Trustee ... Managing Trustee and the Trustee Secretary and
further due to mis-utilization of trust funds for purchase of Mercedes
Benz car and undertaking foreign tour
surplus funds year after year. The trustees were employed in the educational institution and the trustees have visited foreign countries at the expenses ... claimed any foreign exchange for the purpose of foreign travel. In the absence of any claim of stay allowance and foreign exchange, which clearly show
have
undertaken numerous trips to foreign countries. He noted that the trust
had given foreign currency to the trustees/their family members at the
time ... which such foreign currency was spent were produced during the
course of assessment proceedings. The assessee also failed to prove
that the foreign currency taken
voluntary donation/capitation
fees for personal purposes, such as foreign travel by the trustees,
investment in benami property by the children of the trustee ... pertaining to the Trust, foreign travels etc.
The foreign currency and unaccounted cash found from the
residence of the trustees amounted
Under Writers) Regulations 1993, SEBI(Debenture Trustees) Regulations 1993 SEBI (Bankers to an Issue) Regulations, 1994 and SEBI(Foreign Institutional Investors) Regulations 1995 and stated ... Merchant Bankers,(2) Bankers to an Issue),(3) Debenture Trustee, (4) Foreign Institutional Investors, (5) Under Writers, (6) Registrars to an Issue and Share Transfer
alive and competent to contract or the
surviving/continuing trustee , if any, or the retiring trustee himself
with the consent of the court. Also under ... preceding paras and the fact that the five applicant
trustees are foreign citizens/national, and non-residents, I am
unable to satisfy myself about
Merchant Bankers,(2) Bankers to an Issue),(3) Debenture Trustee, (4) Foreign Institutional Investors, (5) Under Writers, (6) Registrars to an Issue and Share Transfer
