https://www.taxtmi.com/caselaws?id=12013 Section 161(1A) of the Income-tax Act governs trust income that includes business profits and requires tax on the whole of such income at the maximum marginal rate, notwithstanding section 161(1). The provision makes the trustee, as representative assessee, the person liable to assessment; the beneficiaries are not the sole assessable entities for such business income. The Tribunal's view that assessment could be made only in the hands of the beneficiaries was therefore incorrect, and the trust's business income was assessable in the hands of the trustee under section 161(1A). en-us Wed, 04 Sep 2002 00:00:00 +0530 Sun, 14 Feb 2010 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12013 Section 161(1A) of the Income-tax Act governs trust income that includes business profits and requires tax on the whole of such income at the maximum marginal rate, notwithstanding section 161(1). The provision makes the trustee, as representative assessee, the person liable to assessment; the beneficiaries are not the sole assessable entities for such business income. The Tribunal's view that assessment could be made only in the hands of the beneficiaries was therefore incorrect, and the trust's business income was assessable in the hands of the trustee under section 161(1A). Case-Laws Income Tax Wed, 04 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12013