9911796707
TMI Blog2013 (4) TMI 448X X X X Extracts X X X X X X X X Extracts X X X X ..... examined the matter and found that there is sufficient material on record to show that as a matter of fact, the trust was created and it is a trust which carried on it's business - The findings recorded by the Tribunal are essentially findings of fact - in favour of Assessee. - Income Tax Reference No.-109 of 1990 - - - Dated:- 4-4-2013 - Prakash Krishna And Ram Surat Ram (Maurya),JJ. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S. Goyal, the father of the beneficiaries, were appointed as trustees with power to carry on business. The shares of the beneficiaries in the income of the trust were specified and the trust was to last for a period of 18 years. For the assessment year under consideration, the accounting year for which ended 31.3.1981, the trustee filed a return declaring an income of Rs. 18,780/- in the status of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial to the interest of revenue, is well established by the Judicial decisions. In this context, a note regarding the legal position is enclosed as Annexure 'A' to this order. I am of the view that the assessment for the assessment year 1981-82 come within the purview of section 263 of the Income Tax Act, 1961 as the same is erroneous and prejudicial to the interest of revenue. Therefore, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Settler was the maternal uncle of the beneficiaries. The Tribunal has examined the matter and found that there is sufficient material on record to show that as a matter of fact, the trust was created and it is a trust which carried on it's business. The findings recorded by the Tribunal are essentially findings of fact. In view of above, we answer the above question in the affirmative, i.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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