https://www.taxtmi.com/caselaws?id=19243 The High Court ruled in favor of the assessee trusts, determining that the gifts received by the trustees did not constitute an oral trust under the Income-tax Act. The court held that the gifts were part of the existing trust corpus and did not establish a separate oral trust, thereby rejecting the Revenue's argument for taxing the income at the maximum marginal rate. The judgment offers a comprehensive examination of the legal framework concerning oral trusts and their impact on the taxation of trust income. en-us Thu, 30 Mar 1995 00:00:00 +0530 Wed, 04 Nov 2009 18:17:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19243 The High Court ruled in favor of the assessee trusts, determining that the gifts received by the trustees did not constitute an oral trust under the Income-tax Act. The court held that the gifts were part of the existing trust corpus and did not establish a separate oral trust, thereby rejecting the Revenue's argument for taxing the income at the maximum marginal rate. The judgment offers a comprehensive examination of the legal framework concerning oral trusts and their impact on the taxation of trust income. Case-Laws Income Tax Thu, 30 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19243