1980 (3) TMI 67

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..... tta. The partners of the assessee-firm are the settlors of a charitable trust known as " Ganpatrai Sagarmall Charitable Trust ". Those partners and two other persons are the trustees of the aforesaid trust. In the assessment proceedings for the aforesaid years, the assessee claimed that Rs. 16,457 and Rs. 13,880, respectively, were not assessable in its hands on the ground that the aforesaid amo .....

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..... circumstances of the case, and on a 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 being No. 37/1, Jatindra Mohan Avenue, Calcutta, belonged to the Ganpatrai Sagarmall Charitable Trust, and in that view deleting Rs. 16,457 and Rs. 13,880 represen .....

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..... ies received by them they have purchased a land at premises No. 37/1, Jatindra Mohan, Avenue, and have built a house thereon which is being used by them as dharmashala and that they are also maintaining a charitable dispensary and applying the income for the maintenance and education of the poor and distressed persons. In the premises, the monies received by the trustees from the settlors and th .....

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