TaxTMI 
TaxTMI 
TaxTMI 
2003 (9) TMI 768
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....t : MR SN SOPARKAR,Sr. Advocate with Mrs. SWATI SOPARKAR and Ms. V.K. Parikh JUDGMENT : This group of petitions has come up before us pursuant to the order dated 14th August, 2002, made by Division Bench, which did not agree with the view of the another Division Bench in Tax Appeals Nos. 188 to 228 of 2001 to the effect that the income substantively assessed in the hands of the main trust canno....
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....st. It appears from the record that the CIT (Appeals) was of the view that the interest income which was paid by the main trust to the beneficiary trusts was legally assessable in the hands of the assessee beneficiary trusts which had not opted for KVSS. According to the CIT (Appeals), the income should be assessed in the right hands, which in this case were beneficiary trusts. It also observed t....
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.... instant case, Samadhan Scheme had intervened, which was a special circumstance which the main trust availed of as it was entitled to do so. It therefore set aside the order of the CIT (Appeals), passed under Section 263 of the Act. During the course of the arguments, the learned Senior Advocate appearing for the petitioner in all these petitions tried to raise a contention that the interest inco....
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....view of the matter, the appropriate course appeared to be that the petitioner may approach the Tribunal by way of an application for revising and/or modifying the orders of the Tribunal, raising the new contentions on the basis of the material which they could not earlier bring on the record of the Tribunal in all these matters. The learned Senior counsel for the petitioners submitted that the pe....