1989 (8) TMI 62

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....s are at the instance of an assessee to income-tax. The respondent is the Revenue. The matter relates to the assessment years 1978-79 to 1980-81. The Income-tax Appellate Tribunal (in short, "the Tribunal") has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the trusts, wh....

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....ds executed on June 24, 1976. The Tribunal, on a review of the entire facts and the respective deeds, came to the conclusion that the settlors had first gifted the amounts to the minors, and the gifted amounts became the property of the minors and it is only thereafter that the trusts were created. The Tribunal held that the settlors could not have constituted a trust without complying with the pr....

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....he settlor can constitute a trust only with regard to a property at his disposal and not with regard to a property which already belongs to a minor." The finding of the Appellate Tribunal that the amounts were first transferred to the minors as gifts, that the amounts became the properties of the minors and that it was only subsequently that the trusts were constituted, is a finding of fact. Th....