https://www.taxtmi.com/caselaws?id=62137 A trust over business assets and donations was treated as valid where donors transferred funds directly to trustees for named beneficiaries, the business was later acquired by the trust for consideration, and no interest in immovable property was created by a mere sale agreement or possession arrangement. Because the beneficiaries were identifiable and their shares were determinate, the trustees were assessable only in a representative capacity under the special trust provisions. The trading addition was also rejected: the decline in gross profit was satisfactorily explained by lower sale rates for umbrella cloth and related business circumstances, so the proposed addition could not be sustained. en-us Tue, 26 Sep 1978 00:00:00 +0530 Tue, 18 Jan 2011 12:29:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62137 A trust over business assets and donations was treated as valid where donors transferred funds directly to trustees for named beneficiaries, the business was later acquired by the trust for consideration, and no interest in immovable property was created by a mere sale agreement or possession arrangement. Because the beneficiaries were identifiable and their shares were determinate, the trustees were assessable only in a representative capacity under the special trust provisions. The trading addition was also rejected: the decline in gross profit was satisfactorily explained by lower sale rates for umbrella cloth and related business circumstances, so the proposed addition could not be sustained. Case-Laws Income Tax Tue, 26 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62137