https://www.taxtmi.com/caselaws?id=38633 A registered trust deed that, read as a whole, clearly identified the trust property, beneficiaries and objects was treated as sufficient to transfer the maternity homes and Versova property to the trustees and create a valid trust. The business of running the maternity homes, being itself settled upon trust for charitable purposes, was held to fall within the substantive exemption for trust property, so its income was exempt from tax. Salary paid to Dr. Mrs. Divekar for managing the hospitals was treated as ordinary business expenditure and deductible in computing the trustees' income. en-us Wed, 07 Jul 1976 00:00:00 +0530 Wed, 07 Apr 2010 17:33:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38633 A registered trust deed that, read as a whole, clearly identified the trust property, beneficiaries and objects was treated as sufficient to transfer the maternity homes and Versova property to the trustees and create a valid trust. The business of running the maternity homes, being itself settled upon trust for charitable purposes, was held to fall within the substantive exemption for trust property, so its income was exempt from tax. Salary paid to Dr. Mrs. Divekar for managing the hospitals was treated as ordinary business expenditure and deductible in computing the trustees' income. Case-Laws Income Tax Wed, 07 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38633