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2002 (12) TMI 23 - MADRAS HIGH COURT
Creation of trust - Whether, Tribunal is right in law and had valid material in holding that the sum of Rs. 50 lakhs paid by the assessee to Dynavision Dealers' Welfare Trust is allowable as a business expenditure, laid out wholly and exclusively for its business u/s 37(1)? – This question is answered in negative, against the assessee and in favour of the Revenue – "Whether Tribunal was right in holding that by the transfer of a sum of Rs. 50 lakhs by the assessee to the Dynavision Dealers' Welfare Trust, a valid trust has come into existence with the objects set out in the trust deed?" – This question is answered in affirmative, against the Revenue and in favour of the assessee