https://www.taxtmi.com/caselaws?id=11858 The High Court of Bombay ruled in favor of the petitioners in a case concerning the alleged escapement of income for the assessment year 1995-96 and the applicability of section 45(4) of the Income-tax Act. The court found that the trust in question was not an association of persons, thus section 45(4) did not apply. Consequently, the court set aside the Department's notice to reopen the assessment. The judgment clarified the application of relevant sections of the Income-tax Act to trust entities, establishing a legal precedent for similar cases. en-us Wed, 19 Mar 2003 00:00:00 +0530 Wed, 10 Feb 2010 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11858 The High Court of Bombay ruled in favor of the petitioners in a case concerning the alleged escapement of income for the assessment year 1995-96 and the applicability of section 45(4) of the Income-tax Act. The court found that the trust in question was not an association of persons, thus section 45(4) did not apply. Consequently, the court set aside the Department's notice to reopen the assessment. The judgment clarified the application of relevant sections of the Income-tax Act to trust entities, establishing a legal precedent for similar cases. Case-Laws Income Tax Wed, 19 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11858