https://www.taxtmi.com/caselaws?id=65799 On intestate succession, a legal heir acquires an immediate vested interest in the deceased's estate, so income or loss arising from inherited assets and liabilities is not excluded merely because the estate has not yet been fully ascertained or distributed. The existence of liabilities exceeding assets does not, by itself, prevent assessment in the heir's hands. However, if the heirs were in fact carrying on the legacy as an Association of Persons, that factual position could affect the tax treatment. The lower authorities' contrary approach was set aside, and the matter was remitted for fresh determination on whether the estate was being worked as an AOP. en-us Tue, 21 Feb 1984 00:00:00 +0530 Fri, 18 Feb 2011 17:35:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65799 On intestate succession, a legal heir acquires an immediate vested interest in the deceased's estate, so income or loss arising from inherited assets and liabilities is not excluded merely because the estate has not yet been fully ascertained or distributed. The existence of liabilities exceeding assets does not, by itself, prevent assessment in the heir's hands. However, if the heirs were in fact carrying on the legacy as an Association of Persons, that factual position could affect the tax treatment. The lower authorities' contrary approach was set aside, and the matter was remitted for fresh determination on whether the estate was being worked as an AOP. Case-Laws Income Tax Tue, 21 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65799