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2004 (2) TMI 46 - HC - Income Tax"1. Whether the Appellate Tribunal is right in directing the Assessing Officer to charge tax at the normal rate instead of the maximum marginal rate? - 2. Whether the Appellate Tribunal is right in deleting the interest charged under section 217?" - findings given by the Tribunal are that the shares of the beneficiaries of the Shard a Trust were determinate at 5 per cent. for each beneficiary and that the individual beneficiaries of those beneficiary trust were covered by the proviso (i) to section 164(1) inasmuch as none of the beneficiaries had other income chargeable under the Income-tax Act exceeding the maximum amount not chargeable to tax and none of the individual beneficiaries is a beneficiary under any other trust – Thus, both questions are answered in the affirmative, i.e., in favour of the assessee and against the Revenue
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