https://www.taxtmi.com/caselaws?id=11790 A private trust carrying on business was held not to be assessable as an association of persons on the facts found. For the assessment year 1985-86, section 161(1A) of the Income-tax Act applied because it had been inserted with effect from 1 April 1985 and governs representative assessees whose income consists of or includes business profits. The provision required tax on the whole of such income at the maximum marginal rate, subject only to the stated exception. An earlier Bombay decision did not assist because it concerned a period before section 161(1A) was introduced. en-us Wed, 09 Oct 2002 00:00:00 +0530 Mon, 08 Feb 2010 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11790 A private trust carrying on business was held not to be assessable as an association of persons on the facts found. For the assessment year 1985-86, section 161(1A) of the Income-tax Act applied because it had been inserted with effect from 1 April 1985 and governs representative assessees whose income consists of or includes business profits. The provision required tax on the whole of such income at the maximum marginal rate, subject only to the stated exception. An earlier Bombay decision did not assist because it concerned a period before section 161(1A) was introduced. Case-Laws Income Tax Wed, 09 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11790