https://www.taxtmi.com/caselaws?id=5947 The High Court ruled in favor of the assessee, affirming the separate assessment of incomes from the Reserve Fund and Family Trust Expenses Account. The judgment emphasized the distinct purposes and management of the two funds, highlighting the absence of overlap or intermingling between them. The trust deed provisions clearly delineated the handling of each fund's corpus and income, supporting the conclusion that separate trusts were intended. The Revenue's appeal was dismissed, upholding the High Court's decision in favor of the assessee. en-us Tue, 30 Sep 1986 00:00:00 +0530 Sat, 11 Aug 2018 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5947 The High Court ruled in favor of the assessee, affirming the separate assessment of incomes from the Reserve Fund and Family Trust Expenses Account. The judgment emphasized the distinct purposes and management of the two funds, highlighting the absence of overlap or intermingling between them. The trust deed provisions clearly delineated the handling of each fund's corpus and income, supporting the conclusion that separate trusts were intended. The Revenue's appeal was dismissed, upholding the High Court's decision in favor of the assessee. Case-Laws Income Tax Tue, 30 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5947