1990 (7) TMI 39

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arrying on business the income from which is equally distributed amongst the minors in accordance with the terms of the deed of trust. The departmental authorities, applying the Supreme Court decision in the case of N. V. Shanmugham and Co. v, CIT [1971] 81 ITR 310, held that the assessment was required to be made in the hands of the trustees as a body of individuals, a unit separate and independe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent case, all the three beneficiaries are minors. In my judgment, the distinction drawn by Dr. Balasubramanian is without any substance. If at all, this fact goes against the Department inasmuch as, in the case of minors, the question of their consent to the trustees carrying on the business would not arise. Following the judgment, CIT v. Marsons Beneficiary Trust [1991] 188 ITR 224 (Bom), I hold....