2002 (10) TMI 805

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..... te Tribunal has stated a case under section 256(1) of the Income-tax Act, 1961 and referred the following common question of law for the assessment years 1987-88 and 1988-89 : Whether on the facts and in the circumstances of the case the ITAT was correct in law in holding that the status of the assessee cannot be adopted as that of the Association of persons? 2. The issue tha .....

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..... hares of the beneficiaries are known and certain. 4. We hold that the beneficiaries of the trust in these circumstances cannot be regarded as an Association of persons, as they have not joined together to earn income. They are entitled to receive the income in fixed proportion by virtue of the deed of trust. In other words, they have not associated themselves to earn income from the trust .....

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