1993 (6) TMI 246

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..... this Court for its opinion under s. 256(1) of the IT Act, 1961 : (1) Whether, on the facts and in the circumstances of the case, the assessee trust was entitled to a deduction of the income-tax paid in computing its income ? (2) Whether, on the facts and in the circumstances of the case, the income of the assessee by way of interest could be estimated on the accrual basis and brought to tax .....

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..... sh method of accounting in view of the peculiar circumstances in which the trust was placed. This Court has also held that the income derived from trust property must be determined on commercial principles and, in doing so, all outgoings, including outgoings by way of income-tax paid by the assessee trust, must be deducted and it is only from the surplus income in the hands of the trustees that th .....

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