https://www.taxtmi.com/caselaws?id=15055 The High Court ruled that the income from the business run by trustees after partition should be assessed as an association of persons (AOP), not individually for each beneficiary. The court found that the trust deed and the conduct of the parties implied consent from the guardian, forming an AOP. It emphasized the intention to form an AOP was evident from joint management and income generation, meeting the criteria established by the Supreme Court. The court also held that the guardian's consent was implied, dismissing the Tribunal's view. The court ruled in favor of the Revenue and awarded costs to the Revenue. en-us Wed, 25 Mar 1998 00:00:00 +0530 Thu, 30 Jul 2009 13:28:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15055 The High Court ruled that the income from the business run by trustees after partition should be assessed as an association of persons (AOP), not individually for each beneficiary. The court found that the trust deed and the conduct of the parties implied consent from the guardian, forming an AOP. It emphasized the intention to form an AOP was evident from joint management and income generation, meeting the criteria established by the Supreme Court. The court also held that the guardian's consent was implied, dismissing the Tribunal's view. The court ruled in favor of the Revenue and awarded costs to the Revenue. Case-Laws Income Tax Wed, 25 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15055