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Section 24: No set-off allowed to trustee
A trustee who is liable for a loss occasioned by a breach of trust in respect of one portion of the trust-property cannot set-off against his liability a gain which has accrued to another portion of the trust-property through another and distinct breach of trust.
Source: official text of The Indian Trust Act, 1882 as published on India Code (PDF). All sections of the Indian Trust Act, 1882.