1992 (8) TMI 48 - HC - Income Tax

Summary

The High Court of Gujarat ruled in favor of the assessee, stating that the share income from two firms was diverted to a trust by overriding title and could not be assessed in her hands. The judgment was based on the earlier case law and the declarations made by the assessee regarding the gift of her shares to the trust. The Income-tax Appellate Tribunal was correct in deleting the share of profit added by the Income-tax Officer for the assessment year 1971-72.