Document Fragment View
Fragment Information
Showing contexts for: surviving trustee in D R Balakrishna Raja,Chennai vs Acit, Central Cir-3(3), Chennai on 19 January, 2026Matching Fragments
:-21-:
ITA. Nos.: 3342 to 3344/Chny/2018 & 91 to 94/Chny/2019
54. It is also evident that the assessee was only one of the four founding trustees, and it was not a case where he had sold his individual interest in the trust to the exclusion of the other trustees. In fact, the surviving trustees had also resigned from the trust upon the entry of the new trustees, and no consideration has been shown to have been paid to them. In the circumstances of the present case, applying the ratio of the cited decision of the Hon'ble Apex Court, it is our considered opinion that no capital gains could be computed in the hands of the assessee.