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The High Court of Karnataka upheld the decision of the Appellate Tribunal in canceling the order passed by the Commissioner of Income-tax under section 263. The court ruled that the income derived by a trust for the minor son of the assessee was not taxable under section 64(1)(vii) as it was a case of deferred benefit for a person who becomes a major subsequently. The decision was based on the precedent set by the Bombay High Court and the Karnataka High Court. The question was answered in favor of the assessee.
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