https://www.taxtmi.com/caselaws?id=75730 Where a trust deed clearly identifies the beneficiaries and allocates determinate shares, the trust cannot be treated as an association of persons on the basis of indeterminate shares. A provision dealing with prospective spouses, and an alternative disposition if marriage does not occur or a beneficiary dies, did not make the deed vague or invalid, and the rule against perpetuity was not attracted on these facts. As the precondition for applying section 164 on indeterminate shares was absent, revision under section 263 was unwarranted and the consequential assessment could not stand. en-us Wed, 18 Sep 2002 00:00:00 +0530 Thu, 31 Jan 2013 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75730 Where a trust deed clearly identifies the beneficiaries and allocates determinate shares, the trust cannot be treated as an association of persons on the basis of indeterminate shares. A provision dealing with prospective spouses, and an alternative disposition if marriage does not occur or a beneficiary dies, did not make the deed vague or invalid, and the rule against perpetuity was not attracted on these facts. As the precondition for applying section 164 on indeterminate shares was absent, revision under section 263 was unwarranted and the consequential assessment could not stand. Case-Laws Income Tax Wed, 18 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75730