1992 (9) TMI 64

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.... been referred by the Appellate Tribunal for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in upholding the inclusion of the value of the Jain Nagar Quarters, which properties had been transferred by the assessee-Hindu undivided family under the trust deed dated November 14, 1947? 2. Whether, on the facts ....

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....o it was held that, indeed, after the execution of the trust deed, the properties are no longer held by the assessee as the absolute owner thereof. They are held by the assessee under the trust and with a legal obligation to apply the income exclusively for charitable purposes. The contention of the assessee is that the property, Jain Nagar Quarters, was transferred to the trust under the trust de....