1995 (1) TMI 22

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..... draw up a statement of the case and refer the following questions for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the provisions of section 164(1) itself are not applicable and both the beneficiaries and their shares are known and determinate ? 2. Whether, on the facts and in the circumstances of th .....

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..... ee-trust is a discretionary trust and liable to tax at the rate of 65 per cent. in terms of the provisions of section 164(1) of the Income-tax Act. The trust was taxed accordingly. In appeal, the Appellate Assistant Commissioner has taxed at the rate applicable in the case of the association of persons. That view has been upheld by the Tribunal. Thereafter, the Commissioner of Income-tax has moved .....

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..... he rejection order of the Tribunal passed on the application under section 256(1). In the case of CIT v. Poonam Chand Manmal Trust [1988] 171 ITR 153 (Raj), while rejecting the application, this court has observed as under : " Rule 45 of the Income-tax Appellate Tribunal Rules, 1963, is also of no avail to the Revenue. It has used the word 'may', i.e., it is the discretion of the Tribunal whet .....

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