Income Tax Officer vs Agarwal Family Trust

Authority: ITAT Tribunal/Court: Ahmedabad Date: 1990-12-21 Section: 32, 194A, 201 Acts: Income Tax Act 1961, Indian Partnership Act 1932, Indian Registration Act 1908, Transfer of Property Act 1882 Citation: (1991) 39 TTJ (AHD) 343 Justices: R.L. Sangani, J.M. Appeal No: ITA No. 2603/Ahd/1987 ; Asst., yr. 1983-84*
Whether depreciation under section 32 is allowable to a family trust on factory building received upon dissolution of a partnership without registered deed of transfer --- Held Yes. Whether interest under section 201 is leviable on a specific trust with individual beneficiaries for non-deduction of tax under section 194A --- Held No.

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