https://www.taxtmi.com/caselaws?id=65922 The Tribunal held that the beneficiary of a private non-discretionary trust was not liable for the trust's business losses and could not set off those losses against other income. The Tribunal emphasized that trustees, not beneficiaries, were responsible for managing the trust property and any business activities. The assessment order apportioning the trust's business losses among beneficiaries was deemed invalid. The appeal was dismissed, affirming the order of the Appellate CIT based on different reasons provided by the Tribunal. en-us Tue, 15 Sep 1992 00:00:00 +0530 Sat, 19 Feb 2011 12:43:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65922 The Tribunal held that the beneficiary of a private non-discretionary trust was not liable for the trust's business losses and could not set off those losses against other income. The Tribunal emphasized that trustees, not beneficiaries, were responsible for managing the trust property and any business activities. The assessment order apportioning the trust's business losses among beneficiaries was deemed invalid. The appeal was dismissed, affirming the order of the Appellate CIT based on different reasons provided by the Tribunal. Case-Laws Income Tax Tue, 15 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65922