https://www.taxtmi.com/caselaws?id=15865 The High Court of Madras ruled in favor of the assessees in a case concerning the validity of trust deeds and the determination of beneficiaries. The Court held that the beneficiaries were known individuals, rejecting the Revenue's argument that they were non-existent at the time of trust deed execution. Consequently, the Court determined that section 164 of the Income-tax Act, 1961 was not applicable in this scenario. The judgment clarified the validity of the trust deeds, affirmed the known status of beneficiaries, and rejected the application of section 164(1) for maximum rate assessment, ultimately ruling in favor of the assessees. en-us Thu, 16 Oct 1997 00:00:00 +0530 Sat, 29 Aug 2009 15:57:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15865 The High Court of Madras ruled in favor of the assessees in a case concerning the validity of trust deeds and the determination of beneficiaries. The Court held that the beneficiaries were known individuals, rejecting the Revenue's argument that they were non-existent at the time of trust deed execution. Consequently, the Court determined that section 164 of the Income-tax Act, 1961 was not applicable in this scenario. The judgment clarified the validity of the trust deeds, affirmed the known status of beneficiaries, and rejected the application of section 164(1) for maximum rate assessment, ultimately ruling in favor of the assessees. Case-Laws Income Tax Thu, 16 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15865