https://www.taxtmi.com/caselaws?id=171758 The High Court ruled in favor of the main trust, holding that the income assessed in the main trust's hands cannot be reassessed in the beneficiary trusts' hands. The Court found that the interest income paid by the main trust to beneficiary trusts should not be assessable in the beneficiary trusts' hands. The Tribunal set aside the CIT's order under Section 263 of the Income-tax Act, emphasizing the main trust's use of the Samadhan Scheme as a special circumstance. The Court advised the petitioner to raise new contentions based on fresh material before the Tribunal for proper consideration. en-us Wed, 17 Sep 2003 00:00:00 +0530 Fri, 31 Jul 2015 15:03:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171758 The High Court ruled in favor of the main trust, holding that the income assessed in the main trust's hands cannot be reassessed in the beneficiary trusts' hands. The Court found that the interest income paid by the main trust to beneficiary trusts should not be assessable in the beneficiary trusts' hands. The Tribunal set aside the CIT's order under Section 263 of the Income-tax Act, emphasizing the main trust's use of the Samadhan Scheme as a special circumstance. The Court advised the petitioner to raise new contentions based on fresh material before the Tribunal for proper consideration. Case-Laws Income Tax Wed, 17 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171758