https://www.taxtmi.com/caselaws?id=58896 The Tribunal allowed the appeals, setting aside the CIT's orders. It held that Section 64(1)(vii) was not applicable, the transactions did not constitute cross-gifts, and the income arose from business activities managed by the trustees, not directly from the transferred assets. The decision was supported by precedents, including the Supreme Court's rulings in relevant cases. en-us Fri, 30 Nov 1990 00:00:00 +0530 Wed, 22 Dec 2010 16:45:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58896 The Tribunal allowed the appeals, setting aside the CIT's orders. It held that Section 64(1)(vii) was not applicable, the transactions did not constitute cross-gifts, and the income arose from business activities managed by the trustees, not directly from the transferred assets. The decision was supported by precedents, including the Supreme Court's rulings in relevant cases. Case-Laws Income Tax Fri, 30 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58896