https://www.taxtmi.com/caselaws?id=61761 The Appellate Tribunal ITAT Cochin dismissed the appeals by the assessee firm, Ajit Traders, for the assessment years 1978-79, 1979-80, and 1980-81. The refusal of registration by the ITO, upheld by the AAC, was due to the invalid constitution of trusts for minor beneficiaries, deemed to circumvent tax provisions. The Tribunal found that the trusts were formed after gifts to minors, making them indirectly liable for the firm's losses. Citing a precedent, the Tribunal upheld the AAC's decision, concluding that the minors first received gifts before the trusts were established, leading to the dismissal of the appeals. en-us Fri, 26 Oct 1984 00:00:00 +0530 Fri, 14 Jan 2011 17:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61761 The Appellate Tribunal ITAT Cochin dismissed the appeals by the assessee firm, Ajit Traders, for the assessment years 1978-79, 1979-80, and 1980-81. The refusal of registration by the ITO, upheld by the AAC, was due to the invalid constitution of trusts for minor beneficiaries, deemed to circumvent tax provisions. The Tribunal found that the trusts were formed after gifts to minors, making them indirectly liable for the firm's losses. Citing a precedent, the Tribunal upheld the AAC's decision, concluding that the minors first received gifts before the trusts were established, leading to the dismissal of the appeals. Case-Laws Income Tax Fri, 26 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61761