https://www.taxtmi.com/caselaws?id=59817 The Tribunal held that the trust deeds created by Shri G. D. Jhawar were discretionary, leading to taxation of the entire income at the maximum rate. The Tribunal emphasized the need for identifiable beneficiaries under Section 164 of the Income Tax Act, applying the newly inserted Explanation I to tax the trustees at the maximum marginal rate for 50% of the trust income designated for the daughters' future husbands. The Tribunal allowed the Revenue's appeal, overturning the Appellate Authority Commissioner's decision and directing taxation at the maximum marginal rate for the specified portion of the trust income. en-us Tue, 23 Apr 1985 00:00:00 +0530 Sat, 01 Jan 2011 12:52:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59817 The Tribunal held that the trust deeds created by Shri G. D. Jhawar were discretionary, leading to taxation of the entire income at the maximum rate. The Tribunal emphasized the need for identifiable beneficiaries under Section 164 of the Income Tax Act, applying the newly inserted Explanation I to tax the trustees at the maximum marginal rate for 50% of the trust income designated for the daughters' future husbands. The Tribunal allowed the Revenue's appeal, overturning the Appellate Authority Commissioner's decision and directing taxation at the maximum marginal rate for the specified portion of the trust income. Case-Laws Income Tax Tue, 23 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59817