https://www.taxtmi.com/caselaws?id=20615 The High Court of Gujarat ruled in favor of the assessee in a case concerning the taxation of trust income. The court held that since the beneficiary had relinquished her rights and other beneficiaries had no taxable income, the trust should not be taxed at the higher rate of 65%. The court found that the trust was entitled to the benefit of a specific provision in the Income-tax Act, resulting in the trust being taxed at the appropriate rate. The judgment emphasized the significance of factual findings in determining the correct tax rate for trusts based on the status of beneficiaries and their rights. en-us Fri, 20 Nov 1992 00:00:00 +0530 Mon, 16 Nov 2009 11:31:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20615 The High Court of Gujarat ruled in favor of the assessee in a case concerning the taxation of trust income. The court held that since the beneficiary had relinquished her rights and other beneficiaries had no taxable income, the trust should not be taxed at the higher rate of 65%. The court found that the trust was entitled to the benefit of a specific provision in the Income-tax Act, resulting in the trust being taxed at the appropriate rate. The judgment emphasized the significance of factual findings in determining the correct tax rate for trusts based on the status of beneficiaries and their rights. Case-Laws Income Tax Fri, 20 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20615