https://www.taxtmi.com/caselaws?id=21074 Property transferred under a trust deed and subjected to an overriding title for charitable purposes was held not includible in the transferor-HUF's taxable wealth, because absolute ownership had passed and the income was impressed with a legal obligation in favour of the beneficiaries. By contrast, where no valid overriding title was established in favour of Chhadami Lal Jain Degree College, the full value of Jain Glass Works remained includible in the HUF's hands. The reference was thus answered partly for the assessee and partly for the Revenue. en-us Tue, 01 Sep 1992 00:00:00 +0530 Thu, 19 Nov 2009 17:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21074 Property transferred under a trust deed and subjected to an overriding title for charitable purposes was held not includible in the transferor-HUF's taxable wealth, because absolute ownership had passed and the income was impressed with a legal obligation in favour of the beneficiaries. By contrast, where no valid overriding title was established in favour of Chhadami Lal Jain Degree College, the full value of Jain Glass Works remained includible in the HUF's hands. The reference was thus answered partly for the assessee and partly for the Revenue. Case-Laws Wealth-tax Tue, 01 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21074