https://www.taxtmi.com/caselaws?id=8459 The court determined that a valid charitable trust was created by the settlor, Hari Bux Rai, despite concerns over cash availability in the firm. The disallowance of interest payment by the assessee was deemed incorrect. The court highlighted the settlor's clear intention to create a trust for educational or hospital purposes. The issue of completion of transfer and delivery of possession to trustees was not specifically addressed as the assessee did not press for it. The assessee was awarded costs and counsel fees, concluding the case on the validity of the charitable trust and interest disallowance. en-us Tue, 23 Mar 1971 00:00:00 +0530 Wed, 15 Apr 2009 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8459 The court determined that a valid charitable trust was created by the settlor, Hari Bux Rai, despite concerns over cash availability in the firm. The disallowance of interest payment by the assessee was deemed incorrect. The court highlighted the settlor's clear intention to create a trust for educational or hospital purposes. The issue of completion of transfer and delivery of possession to trustees was not specifically addressed as the assessee did not press for it. The assessee was awarded costs and counsel fees, concluding the case on the validity of the charitable trust and interest disallowance. Case-Laws Income Tax Tue, 23 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8459