https://www.taxtmi.com/caselaws?id=169664 Liability for business income under the Indian Income-tax Act, 1922 falls on the person legally entitled to carry on the business, and a court order authorising guardians to manage minors' business does not make the minors the persons carrying on that business. Sections 40 and 41 operate as machinery provisions for vicarious assessment in specified cases; they do not create a fresh charging basis or convert beneficiaries into business operators. Income received by guardians on behalf of minors is distinct from profits earned by the guardians in carrying on the business, so the business income was not assessable in the hands of the guardians as an association of persons and had to be separately assessed through the minors' guardians. en-us Thu, 10 Sep 1953 00:00:00 +0530 Wed, 29 Apr 2015 14:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169664 Liability for business income under the Indian Income-tax Act, 1922 falls on the person legally entitled to carry on the business, and a court order authorising guardians to manage minors' business does not make the minors the persons carrying on that business. Sections 40 and 41 operate as machinery provisions for vicarious assessment in specified cases; they do not create a fresh charging basis or convert beneficiaries into business operators. Income received by guardians on behalf of minors is distinct from profits earned by the guardians in carrying on the business, so the business income was not assessable in the hands of the guardians as an association of persons and had to be separately assessed through the minors' guardians. Case-Laws Income Tax Thu, 10 Sep 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169664