https://www.taxtmi.com/caselaws?id=11167 The High Court upheld the Appellate Tribunal's decision to charge tax at the normal rate instead of the maximum marginal rate for the assessment years 1984-85 and 1985-86. The court found the formation of the Sharda Trust genuine and beneficiaries eligible for tax exemption under the proviso to section 164(1) of the Income-tax Act. Consequently, the Assessing Officer was directed to apply the normal tax rate. Additionally, the court upheld the deletion of interest charged under section 217 of the Act, aligning with the Tribunal's decision and ruling in favor of the assessee, ultimately disposing of all references in favor of the assessee. en-us Wed, 11 Feb 2004 00:00:00 +0530 Sat, 01 Aug 2009 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11167 The High Court upheld the Appellate Tribunal's decision to charge tax at the normal rate instead of the maximum marginal rate for the assessment years 1984-85 and 1985-86. The court found the formation of the Sharda Trust genuine and beneficiaries eligible for tax exemption under the proviso to section 164(1) of the Income-tax Act. Consequently, the Assessing Officer was directed to apply the normal tax rate. Additionally, the court upheld the deletion of interest charged under section 217 of the Act, aligning with the Tribunal's decision and ruling in favor of the assessee, ultimately disposing of all references in favor of the assessee. Case-Laws Income Tax Wed, 11 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11167