https://www.taxtmi.com/caselaws?id=16916 A trust deed appointing two trustees and giving special powers to the managing trustee was held to validly constitute the trust, because a trust is not invalid merely because the trustee is not the owner at declaration and the deed may permit something other than joint action by all trustees. The business transfer to the trust was also held effective: the sale agreement conveyed the business assets, and the transfer was not vitiated by the assessee acting in a dual capacity where the trust was separately represented. Tax reduction alone did not make the transfer ineffective. The business income was therefore not assessable in the assessee's hands. en-us Wed, 23 Oct 1996 00:00:00 +0530 Mon, 14 Sep 2009 10:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16916 A trust deed appointing two trustees and giving special powers to the managing trustee was held to validly constitute the trust, because a trust is not invalid merely because the trustee is not the owner at declaration and the deed may permit something other than joint action by all trustees. The business transfer to the trust was also held effective: the sale agreement conveyed the business assets, and the transfer was not vitiated by the assessee acting in a dual capacity where the trust was separately represented. Tax reduction alone did not make the transfer ineffective. The business income was therefore not assessable in the assessee's hands. Case-Laws Income Tax Wed, 23 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16916