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1 - 6 of 6 (0.19 seconds)Section 61 in The Income Tax Act, 1961 [Entire Act]
The Commissioner Of Income-Tax vs Sayed Saddique Imam And Ors. on 8 November, 1977
This statement of law was reproduced from the authority of the Patna High Court in the case of CIT v. Syed Saddique Imam [1978] 111 ITR 475 (FB). Applying the above legal position to the facts of the present case, it may be seen that the trust is a valid trust as on its date of execution, namely, 27-12-1979. Subsequently, to the extent a provision:" is made under Section 40A(11), the trust deed should be deemed to be revoked under the authority of law. By means of revocation of the trust, the monies contributed are liable to be returned to the transferor. The interest and the dividend incomes were no other than the incomes earned on which assets returnable by virtue of the abrogation of the trust deed by means of retrospective legislation. Therefore, in my opinion, the interest and dividend incomes are assessable only in the hands of Company for the assessment year 1982-83. In view of this, I hold that the order of the Appellate Assistant Commissioner does not call for any interference.
Section 40 in The Indian Trusts Act, 1882 [Entire Act]
Section 79 in The Indian Trusts Act, 1882 [Entire Act]
Section 28 in The Income Tax Act, 1961 [Entire Act]
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