9911796707
TMI Blog2006 (7) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... formed on July 24, 2006, that he would not be appearing in the matter. The assessee Mr. Abdulgafur A. Mistry had acknowledged the fact that Mr. Soparkar would not be appearing and that the court be requested to dispose of the matter in accordance with law. The letter of Mr. Soparkar along with the letter of Mr. Abdulgafur Mistry - the assessee are placed on the records. We proceed to decide the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5, 1977, the said Sakuranbibi executed a will whereunder she bequeathed certain ornaments belonging to her in favour of three minor children of the assessee and one minor child of the assessee's brother-Sallaudin. All the four children, in fact, are grand children of Smt. Sakuranbibi. It was also observed and mentioned in the will that on the death of the said Sakuranbibi, those four minor childre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the matter came before the Assessing Officer, he held that as trust was created in favour of the minors, the assessee was answerable. The Income-tax Appellate Tribunal, after going through the provisions of the will, observed that the words, trustee, executor and guardian, have been used as synonyms and that they are loose expressions. It also observed that on the facts, it would be clear that n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch executor would not gain the capacity of a trustee and would only be an executor of the will. Under the circumstances, the Tribunal was absolutely justified in observing that the provisions of Explanation 2A to section 64(1)(iii) of the Income-tax Act were not applicable. The reference is answered against the Revenue and in favour of the assessee. The reference stands disposed of accordingly. No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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