9911796707
TMI Blog1983 (4) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... t " the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, had referred the following question of law for the opinion of this court ; " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the deed of rectification executed on April 8, 1975, was not merely clarificatory/declaratory of the pre-existing state of things but modified and cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts have to be made on the basis of the original trust deed. On appeal by the assessee, the AAC upheld the orders of the WTO. On further appeal, the Tribunal also maintained the order of the WTO. At the instance of the assessee, the Tribunal has referred the aforesaid question of law for the opinion of this court. It is not in dispute that the accounting year of the last assessment year in quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvantage of one at the expense of the other. However, from this provision it cannot be contended that the interest of the beneficiaries which was indeterminate according to the trust deed becomes indeterminate. Moreover, the trust has already been executed in regard to the assessment years in question before the execution of the rectification deed and, therefore, it is difficult to appreciate how ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oked for the period earlier to its execution ? " We have already held above that the deed of rectification cannot have any effect on the assessment of the assessee for the assessment years in question. For reasons stated above, our answer to the question reframed by us is in the affirmative and against the assessee. The reference is answered accordingly. There shall be no order as to costs of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
