2001 (5) TMI 16

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....cation under section 256(2) of the Income-tax Act has been made by the Revenue requiring this court to refer the following three questions of law said to be arising out of the Tribunal's order passed in I.T.A. No. 346/JP of 1984, dated September 24, 1985, in respect of which the application filed by the Commissioner under section 256(1) of the Income-tax Act, 1961, has been rejected on July 9, 198....

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....cified trust with the known beneficiaries and their determinate shares and also that the assessee is not liable to be charged to tax at maximum rate under section 164(1) of Income-tax Act, 1961?" We are of the opinion that so far as question No. (iii) is concerned, whether the trust is a specified trust of known beneficiaries, and the share of each beneficiary is determinate or is an unspecifie....