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2004 (9) TMI 92 - HC - Income TaxRevenue is contending that: (i) the trustees of the assessee trust are not to be assessed in the status of "individual"; (ii) the assessee is not entitled to claim deduction under section 80L as an "individual" as also is not entitled for capital gain as is applicable to an "individual"; and (iii) the income of the assessee trust under the head "income from other sources" is to be taxed at the maximum marginal rate as per section 164(1) - Before the Tribunal the question was with regard to the benefit available under section 80L of the Act and the capital gains at the rate of 20 per cent, as chargeable under section 112 of the Act. In view of the decisions we have considered hereinabove, we find that no substantial question of law arises in these appeals. Accordingly, the appeals are dismissed.
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