https://www.taxtmi.com/caselaws?id=16819 The court held that the transfer of Rs. 12,80,000 by T. N. K. and V. Educational Trust to ten family trusts was invalid as the trust deed did not empower such transfers. Consequently, the interest income from Devi Films Private Limited was deemed taxable in the hands of T. N. K. and V. Educational Trust. The family trusts were found not charitable and ineligible for exemption under section 11 of the Income-tax Act. Other issues were deemed irrelevant due to the invalid transfer. The court advised the assessees to seek credit for taxes paid by the family trusts. en-us Thu, 17 Apr 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16819 The court held that the transfer of Rs. 12,80,000 by T. N. K. and V. Educational Trust to ten family trusts was invalid as the trust deed did not empower such transfers. Consequently, the interest income from Devi Films Private Limited was deemed taxable in the hands of T. N. K. and V. Educational Trust. The family trusts were found not charitable and ineligible for exemption under section 11 of the Income-tax Act. Other issues were deemed irrelevant due to the invalid transfer. The court advised the assessees to seek credit for taxes paid by the family trusts. Case-Laws Income Tax Thu, 17 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16819