https://www.taxtmi.com/caselaws?id=18389 The court held that the discretionary trust was entitled to a deduction under section 80L of the Income-tax Act, 1961, despite being taxed as an association of persons under section 164(1). The court determined that the trustee's status as an individual should be considered for tax purposes, allowing for the deduction. The income was to be computed with deductions and taxed as if it were the income of an association of persons or at a rate of 65%, whichever was more beneficial to the Revenue. The court upheld the Tribunal's decision in favor of granting relief under section 80L. en-us Fri, 01 Dec 1995 00:00:00 +0530 Wed, 30 Sep 2009 16:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18389 The court held that the discretionary trust was entitled to a deduction under section 80L of the Income-tax Act, 1961, despite being taxed as an association of persons under section 164(1). The court determined that the trustee's status as an individual should be considered for tax purposes, allowing for the deduction. The income was to be computed with deductions and taxed as if it were the income of an association of persons or at a rate of 65%, whichever was more beneficial to the Revenue. The court upheld the Tribunal's decision in favor of granting relief under section 80L. Case-Laws Income Tax Fri, 01 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18389