https://www.taxtmi.com/caselaws?id=22654 The High Court held that the donation of shares by the assessee-trust to the donee-trust was not void but voidable. The income from the donated shares could not be assessed in the hands of the assessee-trust as it was received by the donee-trust. The trustees did not have the authority under the deed of settlement to make the donation, but the consent of the major beneficiaries and the acquiescence of the minor beneficiaries validated the donation. The claim that the shares were given for "useful objects" and constituted a separate trust was rejected. en-us Fri, 29 Jun 1990 00:00:00 +0530 Sat, 12 Dec 2009 11:30:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22654 The High Court held that the donation of shares by the assessee-trust to the donee-trust was not void but voidable. The income from the donated shares could not be assessed in the hands of the assessee-trust as it was received by the donee-trust. The trustees did not have the authority under the deed of settlement to make the donation, but the consent of the major beneficiaries and the acquiescence of the minor beneficiaries validated the donation. The claim that the shares were given for "useful objects" and constituted a separate trust was rejected. Case-Laws Income Tax Fri, 29 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22654