9911796707
TMI Blog2002 (10) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... he applicant cannot be treated as a private discretionary trust was right in holding that the benefit of assessment under section 161(1) of the Act is not available in view of the fact that moneys were not handed over in the previous year though entries were made and the amounts were disbursed subsequently over a period?" – Held that assessee, therefore, was entitled to be regarded as a representative assessee and, as such, the beneficiary being the Aurobindo Ashram, which was exempt from tax under section 11, the income which the assessee received for the benefit of the Ashram was also exempt. - - - - - Dated:- 9-10-2002 - Judge(s) : R. JAYASIMHA BABU., K. RAVIRAJA PANDIAN. JUDGMENT The judgment of the court was delivered by R. J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from tax, no liability will attach to the assessee, was not accepted by the Assessing Officer, the appellate authority and the Tribunal. At the instance of the assessee, the following two questions have been referred to us: "1. Whether, on the facts and in the circumstances of the case, the assessee-trust is not entitled to exemption under section 11 read with section 161(1) of the Income-tax Act, 1961? 2. Whether, on the facts and in the circumstances of the case, the Tribunal having held that the applicant cannot be treated as a private discretionary trust was right in holding that the benefit of assessment under section 161(1) of the Act is not available in view of the fact that moneys were not handed over in the previous year thou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons made to the Aurobindo Ashram Trust and its various activities and institutions including the Aurobindo International Centre of Education and such other charitable institutions also would not render the assessee ineligible from claiming the benefit. It has been held by the apex court in the case of CIT v. Kamalini Khatau [1994] 209 ITR 101, that there can be many beneficiaries and that in cases covered by section 161(1), the option could be exercised on the strength of the trust deed itself, since the income in such cases is specifically receivable by the trustees on behalf of or for the benefit of a single beneficiary or, where there are more beneficiaries than one, the individual shares of the beneficiaries being determinate and known. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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