1988 (11) TMI 70 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee in a case concerning the assessment years 1963-64 to 1970-71. The Tribunal's decision was upheld based on a similar case involving the Trustees of Staff Gratuity Fund of Shree Ram Mills Ltd. The income of the trust fund was held to be assessable under section 161 of the Income-tax Act, 1961. The questions raised by the Revenue were answered in the affirmative. No costs were awarded.