TaxTMI 
TaxTMI 
1983 (11) TMI 107
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....nd cash totally valued at about Rs. 98,000 on a trust for the benefit of the members of the HUF of the settlor-the members being the assessee, his wife, son and a daughter, all of whom were major. The trustees were expected to handover the net income of the trust to the Karta of the HUF for the time being for the purpose of maintenance, education and for any other purpose, which the trustees deeme....
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....he income of the trust in the hands of the assessee. 3. The assessee is in appeal before the Tribunal on the ground that the AAC was wrong in holding that the provisions of s. 64(1) (vii) of the IT Act applied to the facts of the present case. It was submitted that there was a regular deed of settlement. The property was vested in trustees and the trustees had accepted the property subject to t....
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....and daughter, who were major even on the date of the execution of the trust deed. Further, the ld. counsel for the assessee has relied on the Gujarat High Court decision in the case of Ratilal Kaushaldas Patel vs. CIT (1964) 55 ITR 517 (Guj). The ld. departmental representative, on the other hand, relied on the orders of the authorities below. 4. We have carefully considered the facts and circu....
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....r's wife or minor children would be required. In the instant case, it is not the case of the revenue that there were members in the family other than those specified in the trust deed. Therefore, we have to proceed on the basis that the transfer was for the benefit of the settlor's family. Such a transfer is not affected by the provisions of s. 64(1)(vii) of the IT Act. In our opinion, as explaine....