https://www.taxtmi.com/caselaws?id=17141 The court held that the character of a discretionary trust cannot be changed by a resolution passed by the trustees. The Tribunal's decision was overturned as it erred in holding that the Income-tax Officer was not justified in applying the 65% tax rate under section 164. The court found that the shares of the beneficiaries remained indeterminate, leading to the application of the 65% rate. The decision favored the Revenue and ruled against the assessee, resulting in no order as to costs. en-us Thu, 26 Feb 1998 00:00:00 +0530 Tue, 15 Sep 2009 13:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17141 The court held that the character of a discretionary trust cannot be changed by a resolution passed by the trustees. The Tribunal's decision was overturned as it erred in holding that the Income-tax Officer was not justified in applying the 65% tax rate under section 164. The court found that the shares of the beneficiaries remained indeterminate, leading to the application of the 65% rate. The decision favored the Revenue and ruled against the assessee, resulting in no order as to costs. Case-Laws Income Tax Thu, 26 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17141