https://www.taxtmi.com/caselaws?id=55084 The Tribunal concluded that the income-tax authorities were not justified in invoking the provisions of Section 164 as they stood at the relevant time. The trustees' resolution validly converted the discretionary trust into a specific trust, and the income should be taxed in the hands of the beneficiary, not the trust. The Tribunal set aside the orders of the income-tax authorities and directed the ITO to frame the assessment afresh, accepting the assessee's contention that no income is taxable in its hands. The appeal was allowed. en-us Fri, 22 Jun 1984 00:00:00 +0530 Tue, 23 Nov 2010 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55084 The Tribunal concluded that the income-tax authorities were not justified in invoking the provisions of Section 164 as they stood at the relevant time. The trustees' resolution validly converted the discretionary trust into a specific trust, and the income should be taxed in the hands of the beneficiary, not the trust. The Tribunal set aside the orders of the income-tax authorities and directed the ITO to frame the assessment afresh, accepting the assessee's contention that no income is taxable in its hands. The appeal was allowed. Case-Laws Income Tax Fri, 22 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55084