2007 (1) TMI 111

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..... "1. Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the assessee's-trusts were validly created trusts, when the sale beneficiaries of these trusts were neither in existence nor were identifiable at the time of creation of the trusts? 2. Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was .....

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..... entifiable at the time of the creation of these trusts. Due to creation of these trusts the assessee did not show the dividend income on the above shares in her returns of income. Hence, the Department took action under section 147(a)/148 and added the dividend income on these shares in the hands of the assessee. Aggrieved, the assessee filed appeals before the Commissioner of Income-tax (Appeal .....

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..... standing counsel for the Revenue. We find that identical questions came up for consideration by this court in W. T. R. No. 150 of 1988, CWT v. Rakesh Mohan [2007] 289 ITR 308 (All), decided on January 17,2005. This court has answered both the questions in favour of the assessee and against the Revenue. Respectfully following the aforesaid decision we answer both the questions referred to us in .....

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