1994 (10) TMI 58 - HC - Income Tax

Summary

The High Court of Kerala held that the trust was liable to be assessed under section 160(1) as the shares of the beneficiaries were known and determinate. The court dismissed the petitions as there was no question of law to be referred. The Explanation 1 to section 164(1) was not applicable as the shares of the beneficiaries had been expressly stated in the trust deed.