TMI Blog2005 (7) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility of appropriate rate of tax?" The factual matrix reveals that the respondent (assessee) was assessed in the status of an association of persons. On May 25, 1979, one Pushpa F. Shah created a trust by handing over Rs. 5,000 to two trustees, viz., Shri Bipin Amritlal Kothari and Smt. Bharati Bipin Kothari, in the presence of one Shri Hasmukhlal Panachand Sheth. It may be mentioned that Pushpa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return of income for the year under reference computing the taxable income as nil in the manner mentioned in the return of income. The Income-tax Officer framed the assessment under section 143(3) read with section 164 of the Act on August 24, 1984, wherein he had brought to tax the income of the assessee at the maximum marginal rate of tax holding that the share of the beneficiaries was not de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce, the Tribunal upheld the order of the Appellate Assistant Commissioner. Having been dissatisfied with the decision of the Tribunal, the Revenue desired the Tribunal to refer the question of law for the opinion of this court extracted from the opening part of this order. Having heard learned counsel appearing for the Revenue and having perused the finding recorded by both the authorities be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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