2001 (6) TMI 20

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....tions referred to us concern the assessment year 1982-83. The questions referred are as to whether the assessee-trust can claim the benefit of section 164(1) of the Income-tax Act, 1961, even while it has failed to satisfy the requirements of section 164(1), proviso (ii) of the Act. There is no dispute about the fact that the settlor by her will had created not one, but several trusts. Three fa....

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.... the will is three trusts, and any subsequent action of the assessee cannot erase that fact. They may, as a matter of convenience, choose to transfer the assets of two of the trusts to the third, but that does not make the trust to which the assets are so transferred the only trust created by the testator. Counsel relied on the decision of the Andhra Pradesh High Court in the case of CIT v. Tru....