https://www.taxtmi.com/caselaws?id=29386 The court ruled in favor of the assessee, holding that the trust was validly created by the major partners, and the income should be assessed under section 161(1) of the Income-tax Act, 1961. The court rejected the Revenue's arguments regarding the trust's validity, assessment as an association of persons, and the applicability of section 161(1) to income from business activities. en-us Thu, 15 Oct 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29386 The court ruled in favor of the assessee, holding that the trust was validly created by the major partners, and the income should be assessed under section 161(1) of the Income-tax Act, 1961. The court rejected the Revenue's arguments regarding the trust's validity, assessment as an association of persons, and the applicability of section 161(1) to income from business activities. Case-Laws Income Tax Thu, 15 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29386