https://www.taxtmi.com/caselaws?id=56117 The Tribunal upheld the Income Tax Officer's decision to assess the income of the assessee-trust at the maximum marginal rate, considering it a discretionary trust created for tax avoidance. The Tribunal found the trust and its beneficiary trusts lacked genuineness, following the principles from McDowell & Co. Ltd. The Tribunal emphasized that the creation of multiple trusts to reduce taxable income was a colorable device for tax avoidance, leading to the dismissal of the appeal and affirming the maximum marginal rate assessment. en-us Sun, 03 Mar 1991 00:00:00 +0530 Wed, 01 Dec 2010 16:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56117 The Tribunal upheld the Income Tax Officer's decision to assess the income of the assessee-trust at the maximum marginal rate, considering it a discretionary trust created for tax avoidance. The Tribunal found the trust and its beneficiary trusts lacked genuineness, following the principles from McDowell & Co. Ltd. The Tribunal emphasized that the creation of multiple trusts to reduce taxable income was a colorable device for tax avoidance, leading to the dismissal of the appeal and affirming the maximum marginal rate assessment. Case-Laws Income Tax Sun, 03 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56117