https://www.taxtmi.com/caselaws?id=28994 The court held that the assessee effectively transferred their share of profit in M/s. Amrit Chemicals and M/s. Star Radio and Electric Co. to a trust, creating an overriding title in favor of the beneficiaries. As a result, the income was diverted at the source and could not be taxed in the hands of the assessee. The court ruled in favor of the assessee for the assessment years 1967-68, 1968-69, and 1969-70, ordering the Commissioner to pay the costs of the reference to the assessee. en-us Mon, 14 Sep 1981 00:00:00 +0530 Tue, 09 Mar 2010 12:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28994 The court held that the assessee effectively transferred their share of profit in M/s. Amrit Chemicals and M/s. Star Radio and Electric Co. to a trust, creating an overriding title in favor of the beneficiaries. As a result, the income was diverted at the source and could not be taxed in the hands of the assessee. The court ruled in favor of the assessee for the assessment years 1967-68, 1968-69, and 1969-70, ordering the Commissioner to pay the costs of the reference to the assessee. Case-Laws Income Tax Mon, 14 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28994