https://www.taxtmi.com/caselaws?id=292676 Trust money received and retained by an insolvent firm was held traceable into the firm's mixed assets, so property impressed with the trust was excluded from the divisible estate in insolvency. The court applied the principle that trust funds may be followed into business assets even where the money was entered in the firm's books as trust money and its retention with the firm had been authorised. On the facts found, the firm acted as trustee through its agent. The matter was remanded for determination of the remaining issues, including whether the trust was public charitable, whether the applicant had locus standi, and whether the trust money had been properly identified. en-us Tue, 23 Oct 1934 00:00:00 +0530 Mon, 04 Jan 2021 16:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292676 Trust money received and retained by an insolvent firm was held traceable into the firm's mixed assets, so property impressed with the trust was excluded from the divisible estate in insolvency. The court applied the principle that trust funds may be followed into business assets even where the money was entered in the firm's books as trust money and its retention with the firm had been authorised. On the facts found, the firm acted as trustee through its agent. The matter was remanded for determination of the remaining issues, including whether the trust was public charitable, whether the applicant had locus standi, and whether the trust money had been properly identified. Case-Laws Indian Laws Tue, 23 Oct 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292676