https://www.taxtmi.com/caselaws?id=58124 The Tribunal ruled that capital gains realized by a trust were not taxable in the hands of the sole beneficiary but in the hands of the trustees. The decision was based on the interpretation of the trust deed provisions, which indicated that the sale proceeds from trust investments were to be credited to the trust corpus, with no interest for the beneficiary. The Tribunal rejected the Revenue's argument equating trustees and beneficiaries, emphasizing that the income from capital gains should be taxed in the trustees' hands as per the trust deed terms. en-us Tue, 11 Aug 1981 00:00:00 +0530 Fri, 17 Dec 2010 14:13:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58124 The Tribunal ruled that capital gains realized by a trust were not taxable in the hands of the sole beneficiary but in the hands of the trustees. The decision was based on the interpretation of the trust deed provisions, which indicated that the sale proceeds from trust investments were to be credited to the trust corpus, with no interest for the beneficiary. The Tribunal rejected the Revenue's argument equating trustees and beneficiaries, emphasizing that the income from capital gains should be taxed in the trustees' hands as per the trust deed terms. Case-Laws Income Tax Tue, 11 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58124