1996 (7) TMI 18

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....A. THANIKKACHALAM J.---At the instance of the Department, the Tribunal referred the following two common questions for the assessment year 1979-80 in the case of the two assessees for the opinion of this court under section 256(1) of the Income-tax Act, 1961 : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee was....

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....f settlement and managed by a single trustee. The trusts were intended to provide funds to be applied to certain beneficiaries mentioned in the trust deeds. In the matter of trust funds to be applied for the benefit of beneficiaries a discretion has been vested in the trustee as to the extent and to the purpose for which such funds were to be spent in respect of each one of the beneficiaries. On t....