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1973 (2) TMI 24 - HC - Income TaxAssessee in this case are the trustees to the estate of late Tarun Kumar Roy - Portion of the income was payable to one beneficiary and the balance was payable to more than one beneficiary - whether the shares can said to be indeterminate - whether maximum marginal rate will have to be applied - Whether on a correct construction of the trust deed the Tribunal was right in holding that the maximum rate of tax could not be applied in this case under the 1st proviso to section 41(1) of the Indian Income-tax Act, 1922
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