https://www.taxtmi.com/caselaws?id=16475 The High Court held that the individual, acting as a trustee for three partnership firms, was not the ultimate recipient of the sum awarded by the arbitrator. The court determined that the amount received should be assessed in the hands of the three firms, not the individual, based on the factual finding of business discontinuance by the firms and the individual's role as a trustee. This decision clarifies the application of tax laws in cases involving partnerships and trustee arrangements, emphasizing the distinction between trustees and ultimate recipients for tax assessment purposes. en-us Tue, 22 Sep 1998 00:00:00 +0530 Tue, 08 Sep 2009 11:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16475 The High Court held that the individual, acting as a trustee for three partnership firms, was not the ultimate recipient of the sum awarded by the arbitrator. The court determined that the amount received should be assessed in the hands of the three firms, not the individual, based on the factual finding of business discontinuance by the firms and the individual's role as a trustee. This decision clarifies the application of tax laws in cases involving partnerships and trustee arrangements, emphasizing the distinction between trustees and ultimate recipients for tax assessment purposes. Case-Laws Income Tax Tue, 22 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16475