https://www.taxtmi.com/caselaws?id=66490 A trust is treated as a specified trust where the beneficiaries and their shares are ascertainable for the relevant accounting year, even if the class of beneficiaries may later expand or change. On that basis, the family trust was not an unspecified trust. Gifts made to existing written trusts were also held not to constitute oral trusts where the trust deeds contemplated additions to the corpus, the trustees received the funds under the existing trust terms, and the donor intended the transfer to form part of the trust fund. Accordingly, section 164(1) was not attracted and taxation at the maximum marginal rate was not applicable. en-us Fri, 27 Feb 1987 00:00:00 +0530 Fri, 25 Feb 2011 13:36:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66490 A trust is treated as a specified trust where the beneficiaries and their shares are ascertainable for the relevant accounting year, even if the class of beneficiaries may later expand or change. On that basis, the family trust was not an unspecified trust. Gifts made to existing written trusts were also held not to constitute oral trusts where the trust deeds contemplated additions to the corpus, the trustees received the funds under the existing trust terms, and the donor intended the transfer to form part of the trust fund. Accordingly, section 164(1) was not attracted and taxation at the maximum marginal rate was not applicable. Case-Laws Income Tax Fri, 27 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66490