Case Law Details
CIT Vs. Sunil J. Kinariwala (Supreme Court of India); Appeal (civil) 1899 of 2002; Dated: 10/12/2002
Explore the Supreme Court judgment in CIT vs. Sunil J. Kinariwala (Appeal 1899/2002) dated 10/12/2002. Delve into the legal intricacies surrounding the assignment of income, diversion by overriding title, and the impact on taxation. Gain insights into the arguments presented, court decisions, and the broader implications of this significant case in tax law.
FULL TEXT OF THE SUPREME COURT JUDGMENT / ORDER IS AS FOLLOWS:-
This appeal, by the Revenue, is directed against the judgment of the Division Bench of the High Court of Gujarat in Income Tax Reference No. 191 of 1980 dated 29th October, 1993 [Sunil J. Kinariwala v. Commissioner of Income Tax, reported in (1995) 211 I.T.R. 127.] At the instance of the Revenue, the Income Tax Appellate Tribunal (for short, ‘the Tribunal’) referred the following questions, under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’), for the opinion of the High Court:
“(1) Whether, on the facts and in the circumstances of the case, 50 per cent out of the assessee ‘s ten per cent, right, title and interest in the partnership firm of Messrs. Kinariwala R.J.K. Industries belongs to Sunil Jivanlal Kinariwala Trust and the income arising therefrom belongs to the said trust by overriding title?
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