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of <h1>Interest income of trust beneficiaries not taxable under Income-tax Act</h1> <h3>Commissioner Of Income Tax Versus H.H. Maharaja Family Trust No. 1</h3> Commissioner Of Income Tax Versus H.H. Maharaja Family Trust No. 1 - TMI The Gujarat High Court ruled that the provisions of Section 60 of the Income-tax Act, 1961 were not applicable to the case. The interest income earned by the beneficiaries of the assessee trust was not liable to be included in the income of the trust on the principle of constructive receipt. The Court answered both questions in favor of the assessee and against the revenue. The reference was disposed of with no order as to costs.
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