https://www.taxtmi.com/caselaws?id=26413 The court determined that not all employees of the assessee-company were beneficiaries under the trust. It was established that the beneficiaries and their shares were determinate at the end of each accounting year. Consequently, the income was deemed assessable under section 161, rather than section 164 of the Income-tax Act, 1961. The Tribunal's decision was upheld, with costs of the references awarded to the assessees. en-us Fri, 01 Nov 1985 00:00:00 +0530 Thu, 04 Feb 2010 17:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26413 The court determined that not all employees of the assessee-company were beneficiaries under the trust. It was established that the beneficiaries and their shares were determinate at the end of each accounting year. Consequently, the income was deemed assessable under section 161, rather than section 164 of the Income-tax Act, 1961. The Tribunal's decision was upheld, with costs of the references awarded to the assessees. Case-Laws Income Tax Fri, 01 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26413