https://www.taxtmi.com/caselaws?id=277282 A trust in movable property must satisfy the requirements of the Indian Trusts Act, including certainty of beneficiaries and a binding obligation in favour of them. Here, the pension deed left the grant and continuance of pensions to the bank's discretion, did not identify beneficiaries with reasonable certainty, and reserved power to alter, terminate, or redistribute the fund. On that basis, the trust was void. The payment therefore remained the bank's money in law and could not be treated as expenditure laid out wholly and exclusively for business purposes, so the deduction under section 10(2)(xv) of the Indian Income Tax Act was not allowable. en-us Fri, 18 May 1951 00:00:00 +0530 Fri, 30 Nov 2018 11:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277282 A trust in movable property must satisfy the requirements of the Indian Trusts Act, including certainty of beneficiaries and a binding obligation in favour of them. Here, the pension deed left the grant and continuance of pensions to the bank's discretion, did not identify beneficiaries with reasonable certainty, and reserved power to alter, terminate, or redistribute the fund. On that basis, the trust was void. The payment therefore remained the bank's money in law and could not be treated as expenditure laid out wholly and exclusively for business purposes, so the deduction under section 10(2)(xv) of the Indian Income Tax Act was not allowable. Case-Laws Income Tax Fri, 18 May 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277282