https://www.taxtmi.com/caselaws?id=9681 The High Court of ALLAHABAD ruled in favor of the assessee, determining that the trust deed was valid under the Indian Trusts Act. The court held that the absence of provisions for both minor beneficiaries dying before reaching majority did not render the trust invalid. It emphasized that the trust property would revert to the settlor or their legal representatives only if none of the beneficiaries survived before attaining majority. The income was deemed taxable in the hands of the beneficiaries, upholding the legality of the trust despite the unforeseen circumstance of both minor beneficiaries passing away before reaching majority. en-us Wed, 23 Mar 2005 00:00:00 +0530 Sun, 28 Jun 2009 19:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9681 The High Court of ALLAHABAD ruled in favor of the assessee, determining that the trust deed was valid under the Indian Trusts Act. The court held that the absence of provisions for both minor beneficiaries dying before reaching majority did not render the trust invalid. It emphasized that the trust property would revert to the settlor or their legal representatives only if none of the beneficiaries survived before attaining majority. The income was deemed taxable in the hands of the beneficiaries, upholding the legality of the trust despite the unforeseen circumstance of both minor beneficiaries passing away before reaching majority. Case-Laws Income Tax Wed, 23 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9681