https://www.taxtmi.com/caselaws?id=59029 The Tribunal ruled in favor of the assessee, holding that the settlement of property on trust to his HUF members did not constitute an indirect transfer without consideration. The Tribunal determined that the trust deed clearly identified the beneficiaries as the members of the HUF, including the assessee, his wife, and two major children, and the transfer was for the benefit of the settlor's family, not triggering the application of s. 64(1)(vii) of the IT Act. Consequently, the income from the trust funds was not to be included in the assessee's total income, leading to the allowance of the assessee's appeal. en-us Wed, 16 Nov 1983 00:00:00 +0530 Thu, 23 Dec 2010 16:19:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59029 The Tribunal ruled in favor of the assessee, holding that the settlement of property on trust to his HUF members did not constitute an indirect transfer without consideration. The Tribunal determined that the trust deed clearly identified the beneficiaries as the members of the HUF, including the assessee, his wife, and two major children, and the transfer was for the benefit of the settlor's family, not triggering the application of s. 64(1)(vii) of the IT Act. Consequently, the income from the trust funds was not to be included in the assessee's total income, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Wed, 16 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59029