1990 (5) TMI 22 - HC - Income Tax

Summary

The High Court of Orissa dismissed an application under section 256 of the Income-tax Act regarding the allowance of guarantee commission to Kalinga Foundation Trust, upholding the Tribunal's decision that the trust is a genuine entity. The application was rejected as the trust was previously held to be independent and separate, with advances considered real and genuine. The decision was agreed upon by both judges. (Case citation: 1990 (5) TMI 22 - Orissa High Court)