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1941 (3) TMI 17 - HC - Income TaxExtract: ....... private trust. Income of a private trust is not exempt from taxation and, the Muthavalli is assessable in respect of it, because he holds it. It follows that the answer to the second question is in the affirmative. As the questions referred have been answered against the assessee, he must pay the costs, ₹ 250. Reference answered accordingly.
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