https://www.taxtmi.com/caselaws?id=57433 The tribunal interpreted sec. 161(1A) to tax the entire income of a private trust at the maximum marginal rate to prevent tax avoidance through business activities. It held that trustees should be assessed like businessmen, rejecting the need to apportion income among beneficiaries. The tribunal also ruled that income from the sale of cows should not be excluded from the trust's income calculation, emphasizing that even capital gains on assets like calves should be taxed. The appeal was dismissed, affirming the application of the maximum marginal rate on the trust's entire income. en-us Tue, 18 Oct 1988 00:00:00 +0530 Fri, 10 Dec 2010 11:42:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57433 The tribunal interpreted sec. 161(1A) to tax the entire income of a private trust at the maximum marginal rate to prevent tax avoidance through business activities. It held that trustees should be assessed like businessmen, rejecting the need to apportion income among beneficiaries. The tribunal also ruled that income from the sale of cows should not be excluded from the trust's income calculation, emphasizing that even capital gains on assets like calves should be taxed. The appeal was dismissed, affirming the application of the maximum marginal rate on the trust's entire income. Case-Laws Income Tax Tue, 18 Oct 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57433