https://www.taxtmi.com/caselaws?id=10020 Under Explanation 1(ii) to Section 164 of the Income-tax Act, a trust is treated as discretionary where the beneficiaries' shares in income or corpus are not expressly stated in the trust deed and cannot be ascertained from the instrument on the date of settlement. Here, although the original deed named the beneficiaries, it did not specify their individual shares, so the shares were indeterminate for the relevant assessment years. A later rectification deed executed after those years could not operate retrospectively to cure the omission or alter the trust's character for the earlier periods. The trust was therefore treated as discretionary for those assessment years. en-us Wed, 09 Feb 2005 00:00:00 +0530 Sun, 05 Jul 2009 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10020 Under Explanation 1(ii) to Section 164 of the Income-tax Act, a trust is treated as discretionary where the beneficiaries' shares in income or corpus are not expressly stated in the trust deed and cannot be ascertained from the instrument on the date of settlement. Here, although the original deed named the beneficiaries, it did not specify their individual shares, so the shares were indeterminate for the relevant assessment years. A later rectification deed executed after those years could not operate retrospectively to cure the omission or alter the trust's character for the earlier periods. The trust was therefore treated as discretionary for those assessment years. Case-Laws Income Tax Wed, 09 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10020