Supreme Court of India
Commissioner of Income Tax, Amritsar v. Tattan Trust Amritsar Etc.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
Accordingly, we allow the appeals, set aside the judgments of the High courl and answer the questions in the negative, in favour of the Revenue and against the assessee.
Judgment, page 10
From the headnote
Income TaxAct, 1961-Section 13(1) (c) (ii), first proviso-Wealth Tax Act, 1957-Section 21- , first proviso-Interpretation & applicability of-Held, Trust should have been created before commencement of Income Tax Act, 1961-Proviso would apply only in case Trust created before 1-4-1962 man dated at that time that trustees could invest funds of trust in a concern in which they were interested. Assessee was a trust created by Deed of Trust dated 26-3-1942. Clause 41 of the Trust Deed provided for amendment to the provisions of the Trust Deed with regard to the conduct and the management of the
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