https://www.taxtmi.com/caselaws?id=18807 The Income-tax Appellate Tribunal held that the trust created by the assessee was valid, resulting in a diversion of income by overriding title to the minor children. The Tribunal emphasized that the beneficiaries had the primary claim over the income from the partnership firm. However, the court determined that the income derived by the assessee was not diverted before reaching him but was considered an application of income post-receipt. Consequently, the court ruled in favor of the Revenue, concluding that there was no diversion of income by overriding title under Section 60 of the Income-tax Act, 1961. en-us Fri, 11 Nov 1994 00:00:00 +0530 Mon, 02 Nov 2009 11:44:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18807 The Income-tax Appellate Tribunal held that the trust created by the assessee was valid, resulting in a diversion of income by overriding title to the minor children. The Tribunal emphasized that the beneficiaries had the primary claim over the income from the partnership firm. However, the court determined that the income derived by the assessee was not diverted before reaching him but was considered an application of income post-receipt. Consequently, the court ruled in favor of the Revenue, concluding that there was no diversion of income by overriding title under Section 60 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 11 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18807