1982 (5) TMI 22 - HC - Income Tax

Summary

The High Court of Calcutta ruled that a legally valid trust was created by the assessee transferring 30,000 shares to a charitable trust. The income of the trust could not be assessed in the hands of the assessee. The court did not delve into whether it was a valid charitable trust. The judgment was agreed upon by Judges Sabyasachi Mukharji and Suhas Chandra Sen.