Court Rules No Income Escapement in Transfer of Foreign Bequest; Assessee Lacks Legal Claim to Trust Property.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Reopening of assessment - account transfer of foreign bequest(gift) made in earlier year to Sri Lanka based bank account to India - the assessee is yet to enjoy a clear legal title on the trust property and therefore, the same could not have been treated as its income received under the provision of the Act - no escapement of income....