9911796707
TMI Blog2002 (8) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... that the income earned from the firm belonged to Trust and thereby deleting the said income from the income of the assessee?" - when the assessee was representing Trust in a partnership firm and when income allocated to the assessee as a partner had in fact been assessed in the hands of the beneficiaries, it could not have been said to be the income of the assessee. – AO was not right in holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r its opinion under the provisions of section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"): "Whether the Appellate Tribunal is right in law in holding that the income earned from the firm belonged to Rangraj Keshrimal Family Trust and thereby deleting the said income from the income of the assessee?" The facts giving rise to the present reference are as under: The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the said income. Being aggrieved by the order passed in appeal by the Appellate Assistant Commissioner, the Revenue had filed an appeal before the Tribunal. The Tribunal was pleased to dismiss the appeal. In the circumstances, the question which has been referred to this court is, whether the income which the assessee had earned from M/s. Darshan Traders as partner thereof can be treated to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m M/s. Darshan Traders was income of the assessee especially when M/s. Darshan Traders was a firm duly registered and the said firm had also been assessed. It is also pertinent to note that there was no dispute with regard to the genuineness of the firm and the trust. In the circumstances, in our opinion, the Tribunal was right in deleting the income, which was allocated to the assessee as trustee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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