2002 (9) TMI 302

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..... questions referred to us for our consideration are: "1. Whether, on the facts and in the circumstances of the Case, the Appellate Tribunal is right in law in cancelling the order passed by the Commissioner of Income-tax, (under section 263 of the Income-tax Act? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in cancelling the order of the A .....

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..... and prejudicial to the Revenue as the trust had not been treated as an association of persons and taxed on that basis, as in his view the trust deed did not identify all the beneficiaries and the shares were also not determinate. That view of the Commissioner has been found to be erroneous by the Tribunal. Having perused the order of the Tribunal, we do not find any error therein. 4. The benefic .....

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..... the trust deed here and the beneficiaries also being known, the Tribunal has rightly held that the Commissioner was in error in revising the order of the Assessing Officer on the ground that the shares were indeterminate and that the trust deed is void or vagueness. The setting aside of the order of assessment that had been made pursuant to the revisional order was a necessary consequence of setti .....

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