https://www.taxtmi.com/caselaws?id=25922 The High Court of Calcutta ruled that the assessee held the transferred amount in trust for family members, establishing a constructive trust under the Indian Trusts Act, 1882. Despite the absence of a formal agreement for interest payment or evidence of business necessity, the court found the assessee liable to account for the benefits derived from using the funds in his business. Consequently, the High Court declined to answer the legal questions referred and directed the Tribunal to reconsider the matter, allowing for additional evidence presentation. Justice G. N. Ray supported the decision, emphasizing the principles of constructive trust and fiduciary duty. en-us Mon, 30 Sep 1985 00:00:00 +0530 Mon, 01 Feb 2010 16:31:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25922 The High Court of Calcutta ruled that the assessee held the transferred amount in trust for family members, establishing a constructive trust under the Indian Trusts Act, 1882. Despite the absence of a formal agreement for interest payment or evidence of business necessity, the court found the assessee liable to account for the benefits derived from using the funds in his business. Consequently, the High Court declined to answer the legal questions referred and directed the Tribunal to reconsider the matter, allowing for additional evidence presentation. Justice G. N. Ray supported the decision, emphasizing the principles of constructive trust and fiduciary duty. Case-Laws Income Tax Mon, 30 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25922