https://www.taxtmi.com/caselaws?id=20128 The High Court ruled that a transfer of shares to an assessee-trust was voidable but until avoided, the dividend income would be assessed in the trust's hands. The trust was entitled to tax credit under section 199 of the Income-tax Act. Regarding net dividend for section 11, the court upheld the deduction of expenses related to trust objectives as charitable purposes, distinguishing them from expenses for income generation. The decision clarified the treatment of share transfers, tax credit entitlement under section 199, and establishment expenses for charitable trusts under section 11 of the Income-tax Act. en-us Thu, 09 Aug 1990 00:00:00 +0530 Wed, 11 Nov 2009 18:24:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20128 The High Court ruled that a transfer of shares to an assessee-trust was voidable but until avoided, the dividend income would be assessed in the trust's hands. The trust was entitled to tax credit under section 199 of the Income-tax Act. Regarding net dividend for section 11, the court upheld the deduction of expenses related to trust objectives as charitable purposes, distinguishing them from expenses for income generation. The decision clarified the treatment of share transfers, tax credit entitlement under section 199, and establishment expenses for charitable trusts under section 11 of the Income-tax Act. Case-Laws Income Tax Thu, 09 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20128