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2005 (7) TMI 88 - HC - Income Tax"Whether, the assessee-trust was a non-discretionary trust for the purposes of the applicability of appropriate rate of tax?" - resolutions adopted by the trustees and the demarcation of shares made by them in favour of the beneficiaries in the ratio of 50 : 50 as indicated hereinabove, clearly indicates that the power vested in the trustees, the board of trustees was exercised by them at their meeting held on June 28, 1980, wherein the shares of the beneficiaries were defined though initially the trust was a discretionary trust, i.e., up to March 31, 1980. But after having defined the specific shares of each beneficiary, the definite trust came into existence. - In that view of the matter, the trust has to be held to be a non-discretionary trust. If that be so, the question referred has to be answered in the affirmative, i.e., in favour of the assessee
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