https://www.taxtmi.com/caselaws?id=22680 The court held that the assessee trust was not entitled to the concessional rate of tax under section 164(1) of the Income-tax Act. The trust was deemed to be subject to the maximum marginal rate of tax due to the broad discretionary powers granted to the trustees and the inclusion of both income and corpus beneficiaries. The court concluded that the trust should be taxed at the maximum marginal rate under section 164(1) for the relevant assessment year, denying the appeal for a certificate of fitness for appeal to the Supreme Court. en-us Thu, 04 Oct 1990 00:00:00 +0530 Sat, 12 Dec 2009 12:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22680 The court held that the assessee trust was not entitled to the concessional rate of tax under section 164(1) of the Income-tax Act. The trust was deemed to be subject to the maximum marginal rate of tax due to the broad discretionary powers granted to the trustees and the inclusion of both income and corpus beneficiaries. The court concluded that the trust should be taxed at the maximum marginal rate under section 164(1) for the relevant assessment year, denying the appeal for a certificate of fitness for appeal to the Supreme Court. Case-Laws Income Tax Thu, 04 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22680