COMMISSIONER OF INCOME-TAX versus M.K. CHANDRAKANTH
Transfer of Assets Transferable Transfers When the children of the property were minors, the settlement of the property for the benefit of the son and daughter-in-law in the trust will be returned to the trust funds if the marriage is not reached within twenty years of the contract. The settlement clause was not operative in the relevant assessment years. Trust was not refundable during those years. The income from the trust was not included in the total income of the Indel Income Tax Act, 1961, sections 61, 62 and 63.
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