https://www.taxtmi.com/caselaws?id=55070 The trusts were held liable to be taxed at the maximum marginal rate under section 161(1A) of the Income-tax Act, 1961, as they were deemed to be deriving income from profits and gains of business. The tribunal overturned the Dy. CIT (Appeals) ruling and affirmed the Assessing Officer's decision in taxing the trusts at the maximum marginal rate, based on the interpretation of the phrase "Profits and gains of business" in the provision. en-us Wed, 21 Aug 1996 00:00:00 +0530 Thu, 10 Jan 2013 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55070 The trusts were held liable to be taxed at the maximum marginal rate under section 161(1A) of the Income-tax Act, 1961, as they were deemed to be deriving income from profits and gains of business. The tribunal overturned the Dy. CIT (Appeals) ruling and affirmed the Assessing Officer's decision in taxing the trusts at the maximum marginal rate, based on the interpretation of the phrase "Profits and gains of business" in the provision. Case-Laws Income Tax Wed, 21 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55070