Dismissing the appeal of the assessee the Court held that the purchasing of wood was for the medical college to be established by the assessee. The Tribunal had recorded the finding that even without constructing any building, the assessee had made the advance for purchase of timber and that admittedly that no wood was received by the assessee. Order of Tribunal is affirmed. (AY. 2012-13)
Ilahia Trust v. CIT (2022) 440 ITR 90 / 209 DTR 355 / 325 CTR 337 / 285 Taxman 312 (Ker.)(HC).Editorial : SLP dismissed as withdrawn , Ilahia Trust v. CIT [2023] 291 Taxman 200 (SC)
S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Advance to proprietary concern of wife of managing Trustee-Explanation was not satisfactory-Disallowance was held to be proper. [S. 12AA, 13(1)(c)]