Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

1996 (4) TMI 39

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Income-tax Act, 1961, at the instance of the Revenue and the following question of law has been referred by the Tribunal for answer of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the provisions of section 161(1) of the Income-tax Act, 1961, were not applicable and the assessee could not be assessed as an associatio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ven by the Bombay High Court in CIT v. Marsons Beneficiary Trust [1991] 188 ITR 224, dismissed the appeal of the Department. Hence, the Department approached the Tribunal for making a reference before this court and, accordingly, the Tribunal referred the aforesaid question to this court for answer. The Tribunal in similar circumstances in the case of Oswal Traders, referred a question to this c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... aries were not entitled to the profits and the same was deferred for a period of 20 years as the beneficiaries had no right to receive any income. Therefore, the beneficiaries were not to get any income whatsoever from the trust for a period of 20 years and it was held that it was to be assessed as an association of persons. As against this, in the present case, as per the finding given by the Tri .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates