2002 (9) TMI 47

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....ed at the instance of the Revenue is, "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the income of the trust carrying on business should be assessed only in the hands of the beneficiaries and not in the status of an association of persons as per the provisions of section 161(1A) of the Income-tax Act, 1961?" The assessment yea....

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....ffect from April 1, 1985, was in the statute book and was required to be taken note of while making the assessment for these two years. That sub-section (1A) of section 161 reads thus: "Notwithstanding anything contained in sub-section (1), where any income in respect of which the person mentioned in clause (iv) of sub-section (1) of section 160 is liable as representative assessee consists of, o....