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The ITAT allowed the appeal of a public charitable trust, holding that the provisions of section 167A and the application of the maximum marginal rate (MMR) under section 167B are not applicable. The tribunal found that the trust's constitution and functions do not permit allocation of income shares among members, negating the relevance of individual shares being determinate or indeterminate. Consequently, the income of the trust must be taxed at normal rates applicable to an AOP or Body of Individuals, without surcharge under section 167B. The decision relied on consistent facts from subsequent assessment years and relevant CBDT circulars, affirming that the trust's income is not divisible among beneficiaries as in private trusts. The tribunal rejected the lower authorities' application of MMR and surcharge, emphasizing that the trust's public charitable nature excludes it from such provisions. The appeal was allowed accordingly.
The ITAT allowed the appeal of a public charitable trust, holding that the provisions of section 167A and the application of the maximum marginal rate (MMR) under section 167B are not applicable. The tribunal found that the trust's constitution and functions do not permit allocation of income shares among members, negating the relevance of individual shares being determinate or indeterminate. Consequently, the income of the trust must be taxed at normal rates applicable to an AOP or Body of Individuals, without surcharge under section 167B. The decision relied on consistent facts from subsequent assessment years and relevant CBDT circulars, affirming that the trust's income is not divisible among beneficiaries as in private trusts. The tribunal rejected the lower authorities' application of MMR and surcharge, emphasizing that the trust's public charitable nature excludes it from such provisions. The appeal was allowed accordingly.
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