Section 30 - Substitution of new section for section 167A - Finance Act, 1985

30. Substitution of new section for section 167A In the Income-tax Act, for section 167A, the following section shall be substituted, namely :- 167A. Charge of tax where shares of members unknown. - Where the individual shares of the members of an association of persons (other than a company or co-operative society) in the whole or any part of the income of such association are indeterminate or unknown, tax shall be charged on the total income of the association at the maximum marginal rate. Explanation : For the purposes of this section, - (a) maximum marginal rate shall have the meaning assigned to it in Explanation 2 below sub-section (3) of section 164; (b) the individual shares of the members of an association of persons in the whole or any part of the income of such association shall be deemed to be indeterminate or unknown if such shares (in relation to the whole or any part of such income) are indeterminate or unknown on the date of formation of such association or at any time thereafter. .