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Issues: Whether income received by an executor during the course of administration of a deceased person's estate is assessable in the executor's representative capacity and not in the executor's personal assessment, and whether the Commissioner could invoke revisionary jurisdiction under section 263 of the Income-tax Act, 1961 to disturb such assessment.
Analysis: Under section 168 of the Income-tax Act, 1961, income received by an executor during the course of administration belongs to the estate and is assessable in the hands of the executor as such until administration is completed and the residue is ascertained. The executor's personal income remains separate and cannot be merged with representative income merely because the executor is also the sole beneficiary. The existence of a will in favour of the executor and some application of estate assets for his benefit did not, by itself, show completion of administration or justify treating the estate income as the executor's personal income. The Tribunal's view that the assessment framed by the Income-tax Officer was in accordance with law was upheld, and the foundation for revisional interference under section 263 was absent.
Conclusion: The income from the estate for the relevant period was correctly assessable in the assessee's capacity as executor and not in his individual assessment. The Commissioner had no basis to revise the assessment under section 263.
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