https://www.taxtmi.com/caselaws?id=68908 The Tribunal ruled in favor of the assessee, determining that the trust created orally and subsequently evidenced in writing was not subject to tax under sections 160(1)(iv) and 164. It held that the subsequent written declaration did not alter the original trust but merely clarified it. The beneficiaries mentioned in the subsequent written declaration were deemed to have contingent interests in the trust, with tax assessment based on the beneficiaries envisaged in the oral declaration. The Tribunal directed the tax to be computed under general provisions of the Act, rejecting the Department's arguments and upholding the assessee's position. en-us Mon, 15 Jun 1981 00:00:00 +0530 Sat, 02 Apr 2011 13:06:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68908 The Tribunal ruled in favor of the assessee, determining that the trust created orally and subsequently evidenced in writing was not subject to tax under sections 160(1)(iv) and 164. It held that the subsequent written declaration did not alter the original trust but merely clarified it. The beneficiaries mentioned in the subsequent written declaration were deemed to have contingent interests in the trust, with tax assessment based on the beneficiaries envisaged in the oral declaration. The Tribunal directed the tax to be computed under general provisions of the Act, rejecting the Department's arguments and upholding the assessee's position. Case-Laws Income Tax Mon, 15 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68908