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Denial exemption U/s.11 & U/s.12 - if one of the trustees appointed is not competent to contract, he cannot be made as a trustee as rightly pointed out by the Revenue. However, in this given case, there are other trustees on whom the property in the trust can be legally vested. Therefore, it cannot be said that the creation of the trust is void ab initio as held by the Revenue. - Tri

Income Tax - Denial exemption U/s.11 & U/s.12 - if one of the trustees appointed is not competent to contract, he cannot be made as a trustee as rightly pointed out by the Revenue. However, in this given case, there are other trustees on whom the property in the trust can be legally vested. Therefore, it cannot be said that the creation of the trust is void ab initio as held by the Revenue. - Tri - TMI Updates - Highlights .....

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