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TMI Blog2002 (9) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... atus of an association of persons as per the provisions of section 161(1A) of the Income-tax Act, 1961?" - That the trustee is to be assessed is evident from the language employed in that provision. The "person" referred to therein is the person mentioned in section 160(1)(iv). The Tribunal was, therefore, in error in holding that the assessment should be on the beneficiary only and not on the tru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and not in the status of an association of persons as per the provisions of section 161(1A) of the Income-tax Act, 1961?" The assessment years are 1985-86 and 1986-87. The assessee is a trust set up under a deed dated March 21, 1978. The trust carries on business, though the nature of the business is not set out anywhere in the record. The assessee claimed that income from that business shou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome in respect of which the person mentioned in clause (iv) of sub-section (1) of section 160 is liable as representative assessee consists of, or includes, profits and gains of business, tax shall be charged on the whole of the income in respect of which such person is so liable at the maximum marginal rate: Provided that the provisions of this sub-section shall not apply where such profits a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the trustee. The reference made in the question to a decision rendered by the Bench in the case of another trust was a decision which required the assessment to be made on the assessee even in respect of the business income, even after the introduction of section 161(1A). The question referred to us is answered in favour of the Revenue and against the assessee. - - TaxTMI - TMITax - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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