https://www.taxtmi.com/caselaws?id=18448 A family trust was held valid because the deed satisfied the essential elements of a trust, including certainty of intention, purpose, beneficiaries and trust property, and the beneficiaries were sufficiently identifiable even though unborn beneficiaries were contemplated. As the trust was valid, its income could not be assessed in the trustee's individual hands. Rectification under section 154 was also rejected because that remedy is limited to an obvious, self-evident mistake; where the issue is debatable or capable of two views, it falls outside section 154. The reference was answered in favour of the assessee on both issues. en-us Thu, 20 Jan 1994 00:00:00 +0530 Thu, 01 Oct 2009 10:26:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18448 A family trust was held valid because the deed satisfied the essential elements of a trust, including certainty of intention, purpose, beneficiaries and trust property, and the beneficiaries were sufficiently identifiable even though unborn beneficiaries were contemplated. As the trust was valid, its income could not be assessed in the trustee's individual hands. Rectification under section 154 was also rejected because that remedy is limited to an obvious, self-evident mistake; where the issue is debatable or capable of two views, it falls outside section 154. The reference was answered in favour of the assessee on both issues. Case-Laws Income Tax Thu, 20 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18448