https://www.taxtmi.com/caselaws?id=21378 The court held that the income from the estate managed by the assessee-company for the period in question should be taxed in the hands of the assessee, rejecting the argument that ownership transfer was necessary for taxability. The court emphasized that the right to run the estate and earn profits established tax liability. The court ruled against the assessee on both issues, stating that the income should be included in the assessee's total income. The court also mentioned the possibility of a refund for the transferor if the income had been double-taxed. en-us Mon, 08 Jul 1991 00:00:00 +0530 Sat, 21 Nov 2009 18:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21378 The court held that the income from the estate managed by the assessee-company for the period in question should be taxed in the hands of the assessee, rejecting the argument that ownership transfer was necessary for taxability. The court emphasized that the right to run the estate and earn profits established tax liability. The court ruled against the assessee on both issues, stating that the income should be included in the assessee's total income. The court also mentioned the possibility of a refund for the transferor if the income had been double-taxed. Case-Laws Income Tax Mon, 08 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21378