https://www.taxtmi.com/caselaws?id=276656 The Bombay High Court ruled in favor of the assessees, holding that the simultaneous creation of trusts by Keshavji and Jaysinh did not amount to indirect transfers of assets to their children under section 16(3)(a)(iv) of the Income-tax Act. The court emphasized that the mere simultaneous execution of trust deeds did not establish mutuality of transfers and dismissed the argument that Jaysinh's involvement in Keshavji's trust deed indicated mutual transfers. As a result, the court found no direct or indirect transfers to the assessees' minor children, leading to a favorable outcome for the assessees with entitlement to costs from the Commissioner. en-us Thu, 26 Oct 1961 00:00:00 +0530 Thu, 15 Nov 2018 12:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276656 The Bombay High Court ruled in favor of the assessees, holding that the simultaneous creation of trusts by Keshavji and Jaysinh did not amount to indirect transfers of assets to their children under section 16(3)(a)(iv) of the Income-tax Act. The court emphasized that the mere simultaneous execution of trust deeds did not establish mutuality of transfers and dismissed the argument that Jaysinh's involvement in Keshavji's trust deed indicated mutual transfers. As a result, the court found no direct or indirect transfers to the assessees' minor children, leading to a favorable outcome for the assessees with entitlement to costs from the Commissioner. Case-Laws Income Tax Thu, 26 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276656