https://www.taxtmi.com/caselaws?id=18246 The Tribunal ruled in favor of the Department, upholding the tax liability at the rate of 65 per cent against the assessee. It determined that the trust document was not a will but a trust, as it took effect immediately and had various purposes beyond benefiting the settlor's relatives. The Tribunal emphasized that the substance of the document, not its label, determined its nature, citing previous court decisions as precedent. The judgment underscored the significance of legal form and purpose in interpreting documents for tax purposes under the Income-tax Act, 1961. en-us Wed, 03 Apr 1996 00:00:00 +0530 Tue, 29 Sep 2009 16:31:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18246 The Tribunal ruled in favor of the Department, upholding the tax liability at the rate of 65 per cent against the assessee. It determined that the trust document was not a will but a trust, as it took effect immediately and had various purposes beyond benefiting the settlor's relatives. The Tribunal emphasized that the substance of the document, not its label, determined its nature, citing previous court decisions as precedent. The judgment underscored the significance of legal form and purpose in interpreting documents for tax purposes under the Income-tax Act, 1961. Case-Laws Income Tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18246