https://www.taxtmi.com/caselaws?id=6993 Trustees' frequent purchases and sales, high turnover, disposals of new scrips and transactional patterns supported an inference that the trustees were carrying on a business of dealing in shares, and the Tribunal's conclusion to that effect was sustainable. Separately, section 16(3)(b) requires income to arise directly from transferred assets; income generated by an independent trading business carried on by trustees is sourced in the business and not the transferred assets, so such business income cannot be included in the settlor's assessment under section 16(3)(b). The reference produced a split outcome accordingly. en-us Wed, 18 Oct 1967 00:00:00 +0530 Sat, 07 Feb 2009 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6993 Trustees' frequent purchases and sales, high turnover, disposals of new scrips and transactional patterns supported an inference that the trustees were carrying on a business of dealing in shares, and the Tribunal's conclusion to that effect was sustainable. Separately, section 16(3)(b) requires income to arise directly from transferred assets; income generated by an independent trading business carried on by trustees is sourced in the business and not the transferred assets, so such business income cannot be included in the settlor's assessment under section 16(3)(b). The reference produced a split outcome accordingly. Case-Laws Income Tax Wed, 18 Oct 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6993