1996 (2) TMI 11 - SC - Income Tax

Whether, the Income-tax Appellate Tribunal was right in law in holding that the distributions received by the assessee from various discretionary trusts were assessable only in the hands of the trustees of the respective trusts under section 164 of the Income-tax Act, 1961, and not in the hands of the assessee - Held, no

Summary

The Supreme Court allowed the Revenue's appeals against the Gujarat High Court's judgment regarding distributions from discretionary trusts. The first question was answered in favor of the Revenue, following a previous court decision. The second question was remitted back to the High Court for consideration. Appeals were allowed in part, and the matters were sent back to the High Court with no costs.