9911796707
TMI Blog1989 (3) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... t under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case and on correct interpretation of the deed dated September 26, 1970, the Tribunal was right in law in holding that a valid trust came into existence by the said deed dated September 26, 1970, and the property bearing No. 37/1, Jatindra Mohan Avenue, Calcutta, belonged to the Ganapatrai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore, the entire income was chargeable to tax in the hands of the settlors. By the document, merely an intention to set apart one-fourth of the income was indicated but actual setting apart of the sums had not taken place. After the judgment was given in that case, the defects pointed out by the court were rectified and the Tribunal has come to the, finding that the property bearing premises No. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the recitals quoted above. The municipal tax receipt issued by the Calcutta Municipal Corporation shows that the property in question stands registered in the name of the trust represented by the three trustees specified in the deed dated September 26, 1970. The certificate of registration under section 12A of the Income-tax Act, 1961, issued by the Commissioner, West Bengal VI, Calcutta, clearl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paper book. This sale deed shows that this property was purchased by the trustees in their names and in their capacity as trustees of the trust known as 'Ganapatrai Sagarmal Charitable Trust'. In view of the evidence produced by the appellant in support of its claim, we hold that the property bearing No. 37/1, Jatindra Mohan Avenue, Calcutta, did not belong to the appellant firm, but belonged to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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