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of <h1>Time of Trust Creation Determines Tax Proviso Application</h1> The HC of Bombay held in a departmental reference that the relevant time for determining the applicability of proviso (iii) of section 164(1) of the ... Discretionary Trust, Trusts The High Court of Bombay ruled in a departmental reference regarding the assessment of an assessee's trust for the year 1971-72. The issue was whether the trust fell under proviso (iii) of section 164(1) of the Income-tax Act, 1961. The court held that the relevant time for determining this was when the trust was created, not the assessment year. The judgment favored the assessee.
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