COMMISSIONER OF INCOME TAX Vs. S JAYAPRAKASH

JUDGEMENT

(1.) THREE questions are referred to us, but in the light of the answer given by us to the first question, providing answers to others, is unnecessary.

(2.) THE assessment years are 1976-77 to 1980-81. THE assessee was a partner of a firm, Thirumagal and Company in Tiruppur. He had 65 per cent, share in the firm. On March 5, 1976, he created a trust, "Sukumar Enterprises" by a registered document for the benefit of ten beneficiaries of whom nine were minors. THE assessee's share in that firm was constituted as the trust property under the deed. That firm was dissolved with effect from April 1, 1979.

(3.) THEREFORE, we answer the first question, viz.,