2002 (9) TMI 302 - HC - Income Tax

Trust not assessable under section 164 Representative assessee In this case Madras High Court-held that the tribunal has rightly held that the commissioner was in error in revising the order of the Assessing Officer on the ground that the shares were indeterminate and that the trust deed is void and vagueness, thus setting aside the revision order. Decision in favor of assessee against the revenue.

Summary

The High Court of Madras considered a case involving the cancellation of an income tax order under section 263. The Tribunal ruled in favor of the trust beneficiaries, stating that the trust deed was valid and the beneficiaries were known. The Court upheld the Tribunal's decision, finding no error in it. The Court also referenced a previous case to support the validity of the trust deed provisions. Ultimately, the Court ruled against the Revenue and in favor of the assessee.