https://www.taxtmi.com/caselaws?id=190816 A trust may be validly constituted by book entries setting apart funds for religious and charitable purposes even where the settlor did not have equivalent ready cash, if the trust account is opened and credited so that the trust becomes owner of the amount reflected in the books. On the share transaction issue, surplus realised on sale of shares was treated as revenue income where the assessees were bankers and financiers and the surrounding facts showed purchase with borrowed funds, piecemeal sales, and an intention to profit in the course of business. The trust issue was resolved in favour of the assessee, while the share-surplus issue was held taxable. en-us Mon, 17 Sep 1962 00:00:00 +0530 Wed, 01 Mar 2017 16:55:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190816 A trust may be validly constituted by book entries setting apart funds for religious and charitable purposes even where the settlor did not have equivalent ready cash, if the trust account is opened and credited so that the trust becomes owner of the amount reflected in the books. On the share transaction issue, surplus realised on sale of shares was treated as revenue income where the assessees were bankers and financiers and the surrounding facts showed purchase with borrowed funds, piecemeal sales, and an intention to profit in the course of business. The trust issue was resolved in favour of the assessee, while the share-surplus issue was held taxable. Case-Laws Income Tax Mon, 17 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190816