https://www.taxtmi.com/caselaws?id=70393 The Tribunal held that the trust deed was effectively revoked to the extent of the unutilized amount, resulting in the trust's income being assessable in the Company's hands. The income accrued to the trust was assessed in the Company's hands for the relevant year, as the unutilized amount and income derived from it belonged to the Company. The term "asset" in Section 40A(11)(ii) was interpreted restrictively under the rule of ejusdem generis. The Tribunal concluded that the income earned on the unutilized amount should be taxed as the Company's income under Section 61 of the Income-tax Act, dismissing the Revenue's appeal. en-us Thu, 26 Oct 1989 00:00:00 +0530 Fri, 15 Apr 2011 18:46:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70393 The Tribunal held that the trust deed was effectively revoked to the extent of the unutilized amount, resulting in the trust's income being assessable in the Company's hands. The income accrued to the trust was assessed in the Company's hands for the relevant year, as the unutilized amount and income derived from it belonged to the Company. The term "asset" in Section 40A(11)(ii) was interpreted restrictively under the rule of ejusdem generis. The Tribunal concluded that the income earned on the unutilized amount should be taxed as the Company's income under Section 61 of the Income-tax Act, dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 26 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70393