https://www.taxtmi.com/caselaws?id=27390 The court confirmed the existence of two separate trusts for the beneficiaries, requiring separate assessments. It ruled that a single assessment on the trustees was not permissible. Additionally, the court held that the profit from the sale of jewelry was subject to capital gains tax and should be assessed under Section 164 of the I.T. Act. The decision favored the assessees regarding the trusts but favored the Revenue concerning the jewelry sale taxation. The request for a Supreme Court appeal certificate was denied. en-us Fri, 30 Dec 1983 00:00:00 +0530 Fri, 12 Feb 2010 15:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27390 The court confirmed the existence of two separate trusts for the beneficiaries, requiring separate assessments. It ruled that a single assessment on the trustees was not permissible. Additionally, the court held that the profit from the sale of jewelry was subject to capital gains tax and should be assessed under Section 164 of the I.T. Act. The decision favored the assessees regarding the trusts but favored the Revenue concerning the jewelry sale taxation. The request for a Supreme Court appeal certificate was denied. Case-Laws Income Tax Fri, 30 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27390