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TMI Blog1991 (10) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... rust in respect of a sum of Rs. 5,001 held by them for the benefit of their minor son, K. M. Fleming. Even earlier, the minor son had been admitted to the benefits of a partnership called "Victory Paper Stores". The minor had to his credit a sum of Rs. 3,31,469 in the Victory Paper Stores. On the very day when the trust deed came into existence, the assessee had entered into an agreement as proprietor of the Victory Offset Printers with Mrs. Omana Mathew, representing Flemings Trust, for the sale of the printing business to the trust for a consideration of Rs. 3,79,810.66 being the book value of the business. The amount was adjusted in the account of the minor with the Victory Paper Stores and a corresponding credit in favour of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, 31, 32 and 33/(Coch.) of 1988 dated October 6, 1989, dismissed the applications. It is thereafter that the Revenue has filed the four original petitions under section 256(2) of the Income-tax Act, 1961, praying that the three questions of law formulated in paragraph 7 of the original petitions (common in all cases) may be directed to be referred to this court by the Income-tax Appellate Tribunal. The questions are as follows : " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that there was valid trust? 2. If the answer to the above question is in the negative, whether the Appellate Tribunal was justified, on the facts and in the circumstances of the case, in delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the printing business. The trust deed dated April 2, 1979, as also the agreement entered into by the respondent/assessee with Mrs. Omana Mathew took place on the same day. Both the transactions should be considered together. All these aspects require detailed consideration to find whether there was a valid creation of a trust and whether such trust is a genuine one. At this stage, this court is concerned to consider as to whether a question of law which may be supported by reasonable argument arises out of the order of the Tribunal. We are satisfied that the three questions of law, formulated in paragraph 7 of all the original petitions, and extracted hereinabove, are questions of law which arise out of the order of the Appellate Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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