https://www.taxtmi.com/caselaws?id=11340 The Tribunal's decision to reject the Revenue's challenge and uphold that the trust in question should not be treated as an association of persons was affirmed by the court. The court emphasized that the beneficiaries of a trust engaged in business should not automatically be considered an association of persons, especially when each beneficiary's interest is determinate. The judgment highlighted the statutory provision of section 161(1) of the Income-tax Act and distinguished the case from precedents involving court-appointed receivers, ultimately ruling in favor of the assessee. en-us Tue, 04 Nov 2003 00:00:00 +0530 Thu, 06 Aug 2009 20:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11340 The Tribunal's decision to reject the Revenue's challenge and uphold that the trust in question should not be treated as an association of persons was affirmed by the court. The court emphasized that the beneficiaries of a trust engaged in business should not automatically be considered an association of persons, especially when each beneficiary's interest is determinate. The judgment highlighted the statutory provision of section 161(1) of the Income-tax Act and distinguished the case from precedents involving court-appointed receivers, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 04 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11340