2002 (2) TMI 46

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.... original Income-tax Reference No. 73 of 1987, which related to five assessment years, namely, 1978-79 to 1982-83 arising out of five appeals (I.T.A. Nos. 1842 to 1846) decided by the Tribunal is ordered to be split up into five references. They are numbered as Income-tax References Nos. 73, 73A, 73B, 73C and 73D of 1987 for the respective years 1978-79 to 1982-83. The Tribunal has referred the....

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....rences Nos. 73, 73A, 73B, 73C and 73D of 1987, the assessee is the individual who was the managing trustee of Sharad Family Trust, the beneficiaries of which are the sons of the assessee. According to the Income-tax Officer, the entire business and administration of the trust was being handled by the assessee and the other trustees had no knowledge of the affairs of the trust whatsoever. It was he....

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....ands of the trust to be made substantive on the finding that the business genuinely belonged to the trust. It is pointed out to us that in respect of the earlier assessment years 1975-76 to 1977-78, in the case of the assessee-trust, the Tribunal had referred to the High Court for its opinion in Income-tax Reference No. 63 of 1984 (arising out of Income-tax Appeals Nos. 178 to 180), the questio....

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.... Ramanbhai Narandas on June 18, 1974, who was related to the beneficiaries. The trust was admittedly not created by the managing trustee. In this view of the matter, applying the decision of this court in I.T.R. No. 63 of 1984, decided on March 27, 1987, in the case of the assessee-trust, we answer the question referred to the High Court in the above references as under: (i) In Income-tax Refer....