https://www.taxtmi.com/caselaws?id=21186 The assessee's share of profit from two firms, said to have been gifted to a trust, was held not taxable in her hands for assessment year 1971-72 because the earlier construction of the declarations showed transfer of the underlying income-producing interest, not merely the right to receive profits. On that basis, the asset generating the income stood transferred to the trust beneficiaries within section 60 of the Income-tax Act, and the income was diverted by an overriding title before reaching the assessee. The share income from the two firms was therefore not assessable in the assessee's hands. en-us Mon, 10 Aug 1992 00:00:00 +0530 Fri, 20 Nov 2009 16:05:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21186 The assessee's share of profit from two firms, said to have been gifted to a trust, was held not taxable in her hands for assessment year 1971-72 because the earlier construction of the declarations showed transfer of the underlying income-producing interest, not merely the right to receive profits. On that basis, the asset generating the income stood transferred to the trust beneficiaries within section 60 of the Income-tax Act, and the income was diverted by an overriding title before reaching the assessee. The share income from the two firms was therefore not assessable in the assessee's hands. Case-Laws Income Tax Mon, 10 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21186