https://www.taxtmi.com/caselaws?id=36127 The court ruled in favor of the assessee trustees in a case involving the taxation of capital gains added to the trust corpus but not disbursed to beneficiaries. The court held that income already taxed in the hands of beneficiaries should not be included in the total income of trustees for tax purposes. The court referred to relevant sections of the Income Tax Act and emphasized that once income is taxed in either the trustee's or beneficiary's hands, it cannot be taxed in the other's hands. The revenue was directed to pay the costs of the reference. en-us Thu, 17 Apr 1980 00:00:00 +0530 Fri, 19 Mar 2010 14:14:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36127 The court ruled in favor of the assessee trustees in a case involving the taxation of capital gains added to the trust corpus but not disbursed to beneficiaries. The court held that income already taxed in the hands of beneficiaries should not be included in the total income of trustees for tax purposes. The court referred to relevant sections of the Income Tax Act and emphasized that once income is taxed in either the trustee's or beneficiary's hands, it cannot be taxed in the other's hands. The revenue was directed to pay the costs of the reference. Case-Laws Income Tax Thu, 17 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36127