https://www.taxtmi.com/caselaws?id=10804 The court held that the transfer of a lodging business to an educational and charitable trust without transferring the property itself was not subject to section 60 of the Income-tax Act. The court determined that the transfer of the business to the trust, even without transferring the property, was sufficient to avoid the application of section 60. The court relied on the principle established in a previous case to conclude that an agreement to transfer assets, as in this case, did not trigger section 60. Consequently, the court ruled in favor of the assessee, stating that the transfer was not hit by section 60. en-us Tue, 07 Sep 2004 00:00:00 +0530 Sat, 25 Jul 2009 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10804 The court held that the transfer of a lodging business to an educational and charitable trust without transferring the property itself was not subject to section 60 of the Income-tax Act. The court determined that the transfer of the business to the trust, even without transferring the property, was sufficient to avoid the application of section 60. The court relied on the principle established in a previous case to conclude that an agreement to transfer assets, as in this case, did not trigger section 60. Consequently, the court ruled in favor of the assessee, stating that the transfer was not hit by section 60. Case-Laws Income Tax Tue, 07 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10804