https://www.taxtmi.com/caselaws?id=175744 A transfer of a mortgagee's interest to a charity was treated as a transfer in trust for valuable consideration where it was made in discharge of an existing obligation to set apart funds for charitable purposes. The earlier valid charitable trust and the family's commitment to provide a specified sum meant the charity gave up its right to recover that amount in exchange for the mortgage interest, satisfying the element of consideration. On that basis, the transaction fell within the statutory exception under Section 9-A(10)(ii)(b) of the Madras Agriculturists Relief Act, 1938, and the mortgage was not liable to be scaled down. en-us Thu, 06 May 1965 00:00:00 +0530 Fri, 04 Dec 2015 12:28:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175744 A transfer of a mortgagee's interest to a charity was treated as a transfer in trust for valuable consideration where it was made in discharge of an existing obligation to set apart funds for charitable purposes. The earlier valid charitable trust and the family's commitment to provide a specified sum meant the charity gave up its right to recover that amount in exchange for the mortgage interest, satisfying the element of consideration. On that basis, the transaction fell within the statutory exception under Section 9-A(10)(ii)(b) of the Madras Agriculturists Relief Act, 1938, and the mortgage was not liable to be scaled down. Case-Laws Indian Laws Thu, 06 May 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175744