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2014 (7) TMI 562 - HC - Income TaxProperty purchased in representative capacity - Immovable property purchased and funds illegally diverted for private use or not - Held that:- Sale consideration and stamp duty was paid from the funds of the Society and entire expenses incurred are reflected in the statement maintained by the Society and in view of the statement made by Shri G.C. Suyal that he has not purchased property for his personal use rather it has been purchased for the Society for the establishment of new school of the Society – thus, it must be held that name of Shri G.C. Suyal appears in the sale deed in a representative capacity, being President of the Society, and property belongs to the Society - Society is earning income from the purpose of the profit and also Society/Institution is doing any business – thus, the order is set aside – Decided in favour of Assessee.
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