Section 23 of ITA : Section 23: Liability For Breach Of Trust
ITA
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Explanation using Example
Let's say Rita is a trustee of a trust that holds a significant amount of money meant to fund the education of her niece, Priya. Rita decides to use some of this trust money for her personal expenses, thinking she will replace it before anyone notices. However, Rita's investments fail, and she is unable to return the money to the trust. Priya, who is now read...
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