1982 (5) TMI 22

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..... e, and on a proper interpretation of the deed of trust executed on July 24, 1959, the Tribunal was right in holding that a legally valid trust had been created and the ownership of 30,000 shares in M/s. Metal Distributors (P.) Ltd. had been transferred by the assessee to the said trust ? 2. Whether, on the facts and in the circumstances Of the case, the Tribunal was right in holding that the inc .....

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..... t in a complete divestment of the shares. He was also of the opinion that the transfer was made in July, 1959, after the close of the accounting year. In order to decide the question it will be relevant to refer to the relevant clause of the trust deed. Clause 15 provides as follows : "The settlor hereby, reserves the right to revoke this trust at any time after the expiry of seven years from th .....

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..... en transferred by the assessee. If that is so, question No. 1 must be answered in the affirmative and in favour of the assessee. If question No. 1 is in the affirmative, then the income of the trust cannot be assessed in the hands of the assessee in the year in question. Therefore, question No. 2 must be held in the affirmative and in favour of the assessee. We are not going into the question whet .....

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