2001 (6) TMI 20

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..... to whether the assessee-trust can claim the benefit of section 164(1) of the Income-tax Act, 1961, even while it has failed to satisfy the requirements of section 164(1), proviso (ii) of the Act. There is no dispute about the fact that the settlor by her will had created not one, but several trusts. Three family trusts were created by the will dated October 30, 1978, executed by Smt. Lakshmianvnal .....

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..... . They may, as a matter of convenience, choose to transfer the assets of two of the trusts to the third, but that does not make the trust to which the assets are so transferred the only trust created by the testator. Counsel relied on the decision of the Andhra Pradesh High Court in the case of CIT v. Trustees of H. E. H. the Nizam's Miscellaneous Trust [19861 160 ITR 270 (Appex.), wherein, it .....

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