https://www.taxtmi.com/caselaws?id=36800 The High Court held that the business carried on by the trustees was the business of the trust, and its income should be distributed according to the trust deed and taxed in the hands of the beneficiaries. The Court found that Section 60 of the Income-tax Act was not applicable in this case. Consequently, the Court ruled in favor of the assessee against the revenue, directing the Commissioner to pay the costs of the reference to the assessee. en-us Wed, 09 Jan 1980 00:00:00 +0530 Wed, 24 Mar 2010 16:09:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36800 The High Court held that the business carried on by the trustees was the business of the trust, and its income should be distributed according to the trust deed and taxed in the hands of the beneficiaries. The Court found that Section 60 of the Income-tax Act was not applicable in this case. Consequently, the Court ruled in favor of the assessee against the revenue, directing the Commissioner to pay the costs of the reference to the assessee. Case-Laws Income Tax Wed, 09 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36800