Kindly let me know, if a trust purchases goods from a company owned by son of a trustee and the transaction is at arms length, whether this contravenes the provisions of section 13(1)(c)? is there any case law reference which says there is no violation of the same as the transaction is at arms length?
Yes this would contravene 13(1)(c) since, the son is covered under the list of persons given under section 13(3)(d) and is also covered under definition of relative under explaination 1 to the section...
CAclubindia
