2002 (10) TMI 25

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..... tance of the Revenue is: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the status of the private trust carrying on business in accordance with the trust deed cannot be taken as association of persons?" The assessment year is 1985-86. The assessee-trust derived income from a business which was carried on by it. It was assessed as assoc .....

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..... is so liable at the maximum marginal rate: Provided that the provisions of this sub-section shall not apply where such profits and gains are receivable under a trust declared by any person by will exclusively for the benefit of any relative dependent on him for support and maintenance and such trust is the only trust so declared by him." Having regard to the clear language of the provision, the .....

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