1991 (4) TMI 123 - HC - Income Tax

Summary

The High Court of Bombay ruled in a departmental reference regarding the assessment of an assessee's trust for the year 1971-72. The issue was whether the trust fell under proviso (iii) of section 164(1) of the Income-tax Act, 1961. The court held that the relevant time for determining this was when the trust was created, not the assessment year. The judgment favored the assessee.