1989 (8) TMI 62

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..... e Revenue. The matter relates to the assessment years 1978-79 to 1980-81. The Income-tax Appellate Tribunal (in short, "the Tribunal") has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the trusts, which were partners in the assessee-firm, had not been validly created and .....

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..... cts and the respective deeds, came to the conclusion that the settlors had first gifted the amounts to the minors, and the gifted amounts became the property of the minors and it is only thereafter that the trusts were created. The Tribunal held that the settlors could not have constituted a trust without complying with the provisions of section 7 of the Indian Trusts Act. It was held that the tru .....

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..... disposal and not with regard to a property which already belongs to a minor." The finding of the Appellate Tribunal that the amounts were first transferred to the minors as gifts, that the amounts became the properties of the minors and that it was only subsequently that the trusts were constituted, is a finding of fact. This finding of fact is not challenged by way of framing an appropriate qu .....

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