https://www.taxtmi.com/caselaws?id=191003 Claim under Section 10 for interest paid to a purported charitable trust fails because the trust lacked the second certainty: the trust property was not ascertained or appropriated and the settlor did not divest beneficial interest. Book entries alone crediting a trust account do not constitute setting aside an identifiable fund or divestment. Applying the requirement of an ascertained fund and appropriation, trustees cannot be treated as creditors entitled to interest, and accordingly the claimed deduction is disallowed. en-us Tue, 02 Apr 1946 00:00:00 +0530 Thu, 16 Mar 2017 18:11:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191003 Claim under Section 10 for interest paid to a purported charitable trust fails because the trust lacked the second certainty: the trust property was not ascertained or appropriated and the settlor did not divest beneficial interest. Book entries alone crediting a trust account do not constitute setting aside an identifiable fund or divestment. Applying the requirement of an ascertained fund and appropriation, trustees cannot be treated as creditors entitled to interest, and accordingly the claimed deduction is disallowed. Case-Laws Income Tax Tue, 02 Apr 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191003