https://www.taxtmi.com/caselaws?id=14856 Offerings received by the head of a Mutt as padhakanikkai and sambhavanai were treated as impressed with an obligation from receipt to be applied for the Mutt's religious and charitable objects. The creation of a trust for those objects did not convert the receipts into the personal property of the assessee, because the trust operated only to give effect to the existing burden on the funds. On that basis, the arrangement was treated as a vesting declaration rather than a transfer of ownership for gift-tax purposes, and section 2(xxiv) of the Gift-tax Act, 1958 was not attracted. en-us Tue, 03 Nov 1998 00:00:00 +0530 Thu, 23 Jul 2009 16:28:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14856 Offerings received by the head of a Mutt as padhakanikkai and sambhavanai were treated as impressed with an obligation from receipt to be applied for the Mutt's religious and charitable objects. The creation of a trust for those objects did not convert the receipts into the personal property of the assessee, because the trust operated only to give effect to the existing burden on the funds. On that basis, the arrangement was treated as a vesting declaration rather than a transfer of ownership for gift-tax purposes, and section 2(xxiv) of the Gift-tax Act, 1958 was not attracted. Case-Laws Income Tax Tue, 03 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14856