https://www.taxtmi.com/caselaws?id=69635 A rectification deed may operate from the inception where it merely records the parties' true intention and corrects an accidental omission in the original trust deed; the principal deed was therefore read with the rectification. On that reading, the trust remained valid because the settled property was only the partner's share in the firm and the beneficiaries' exposure was confined to the trust corpus. A contingent business risk did not create an onerous gift or impose unlimited personal liability on the minor beneficiaries. The assessee held the share in a fiduciary capacity, so the trust income was excluded from the assessee's total income. en-us Wed, 23 Sep 1987 00:00:00 +0530 Mon, 11 Apr 2011 11:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69635 A rectification deed may operate from the inception where it merely records the parties' true intention and corrects an accidental omission in the original trust deed; the principal deed was therefore read with the rectification. On that reading, the trust remained valid because the settled property was only the partner's share in the firm and the beneficiaries' exposure was confined to the trust corpus. A contingent business risk did not create an onerous gift or impose unlimited personal liability on the minor beneficiaries. The assessee held the share in a fiduciary capacity, so the trust income was excluded from the assessee's total income. Case-Laws Income Tax Wed, 23 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69635