1980 (3) TMI 67 - HC - Income Tax

Summary

The High Court of Calcutta ruled in a reference under the Income Tax Act, 1961 that a valid trust was created by a deed dated September 26, 1970, for a charitable trust owning property at premises No. 37/1, Jatindra Mohan Avenue, Calcutta. The income from the property belonged to the trust and could not be assessed in the hands of the assessee firm for the assessment years 1971-72 and 1972-73. The Tribunal's decision in favor of the assessee was upheld.