https://www.taxtmi.com/caselaws?id=751752 The ITAT Jodhpur ruled in favor of a trust regarding the applicable tax rate provisions. The trust challenged the CIT(A)'s decision to charge tax under section 164(1) at maximum marginal rate, arguing that since beneficiaries are the general public with no specific shares, section 164(2) should apply instead. The tribunal agreed, holding that specific charging provisions under section 164(2) must prevail over general provisions, allowing the trust to be taxed at individual/AOP rates with available exemptions. The appeal was allowed, directing the AO to apply section 164(2) provisions. en-us Mon, 22 Apr 2024 00:00:00 +0530 Wed, 24 Apr 2024 06:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751752 The ITAT Jodhpur ruled in favor of a trust regarding the applicable tax rate provisions. The trust challenged the CIT(A)'s decision to charge tax under section 164(1) at maximum marginal rate, arguing that since beneficiaries are the general public with no specific shares, section 164(2) should apply instead. The tribunal agreed, holding that specific charging provisions under section 164(2) must prevail over general provisions, allowing the trust to be taxed at individual/AOP rates with available exemptions. The appeal was allowed, directing the AO to apply section 164(2) provisions. Case-Laws Income Tax Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751752