https://www.taxtmi.com/caselaws?id=19671 The High Court of Gujarat held that the amount representing 40% of income from a partnership firm, settled to a trust by the assessee, should not be included in the total income. Referring to established precedents, the Court emphasized that the diversion of income by creating a sub-partnership with a trust results in a superior title, precluding the application of section 60 of the Income-tax Act. The Court ruled in favor of the assessee, concluding that the amount in question was not part of the total income, disposing of the reference against the Revenue. en-us Tue, 07 Dec 1993 00:00:00 +0530 Sat, 07 Nov 2009 17:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19671 The High Court of Gujarat held that the amount representing 40% of income from a partnership firm, settled to a trust by the assessee, should not be included in the total income. Referring to established precedents, the Court emphasized that the diversion of income by creating a sub-partnership with a trust results in a superior title, precluding the application of section 60 of the Income-tax Act. The Court ruled in favor of the assessee, concluding that the amount in question was not part of the total income, disposing of the reference against the Revenue. Case-Laws Income Tax Tue, 07 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19671