https://www.taxtmi.com/caselaws?id=60854 Income from assets transferred under a trust deed is discussed as taxable in the hands of the trustees where the settlor has completely divested the assets and liabilities, the trustees control the income, and the beneficiaries are determinate. The commentary also explains that a transfer to an HUF under section 64 is to be examined by reference to the difference between declared consideration and market value, so only the excess, if any, is relevant for inclusion and not the full value of the shares. en-us Wed, 27 Mar 1991 00:00:00 +0530 Sat, 08 Jan 2011 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60854 Income from assets transferred under a trust deed is discussed as taxable in the hands of the trustees where the settlor has completely divested the assets and liabilities, the trustees control the income, and the beneficiaries are determinate. The commentary also explains that a transfer to an HUF under section 64 is to be examined by reference to the difference between declared consideration and market value, so only the excess, if any, is relevant for inclusion and not the full value of the shares. Case-Laws Income Tax Wed, 27 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60854