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High Court: Section 164 of Income Tax Act applies maximum marginal rate to trustees accountable only to direct trust beneficiaries.

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Full Text of the Document

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....Maximum marginal rate u/s 164 - answerability of trustees to beneficiary is limited to beneficiary of a particular trust as per Trust Act and it cannot be stretched or reached to beneficiaries of beneficiary and then against beneficiaries’ beneficiary. - HC....

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