loan taken by trust

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rajesh (Querist)
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24 April 2010 One of our client which is a trust has taken a unsecured loan of 75000/- from trustees in cash. This loan is taken for day to day expenses of trust as it has no grant left. Now as the grant came it has returned the loan to trustees in cash. So my question whether it is a violation of section 269ss and T.

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 April 2010 For the referred transactions section 269SS and 269T applies. Why because exemption were given to notified institutions vide 3607 dated 18/7/1986 and 3828/4250 dated 28/10/1986 which does not include trusts.

rajesh

rajesh (Querist)
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24 April 2010 Thanks a lot. If it is violation than is it ok to give certificate for utilisation of Grant to Donation agency without mentioning such violation.

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