Income from trust to be assessed in beneficiaries' hands; SC cites precedent

The Supreme Court ruled that in a case involving the assessment of profits distributed among beneficiaries of a trust, the income should be assessed in the hands of the beneficiaries. The Court referred to a previous decision in CIT v. Kamalini Khatau [1994] 209 ITR 101 to support this conclusion. The appeals were allowed in favor of the assessee with no order as to costs. (1998 (1) TMI 5 - SC)

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The Supreme Court ruled that in a case involving the assessment of profits distributed among beneficiaries of a trust, the income should be assessed in the hands of the beneficiaries. The Court referred to a previous decision in CIT v. Kamalini Khatau [1994] 209 ITR 101 to support this conclusion. The appeals were allowed in favor of the assessee with no order as to costs. (Case citation: 1998 (1) TMI 5 - SC)

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