1996 (4) TMI 39

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....ome-tax Act, 1961, at the instance of the Revenue and the following question of law has been referred by the Tribunal for answer of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the provisions of section 161(1) of the Income-tax Act, 1961, were not applicable and the assessee could not be assessed as an association o....

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....en by the Bombay High Court in CIT v. Marsons Beneficiary Trust [1991] 188 ITR 224, dismissed the appeal of the Department. Hence, the Department approached the Tribunal for making a reference before this court and, accordingly, the Tribunal referred the aforesaid question to this court for answer. The Tribunal in similar circumstances in the case of Oswal Traders, referred a question to this c....

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....ciaries were not entitled to the profits and the same was deferred for a period of 20 years as the beneficiaries had no right to receive any income. Therefore, the beneficiaries were not to get any income whatsoever from the trust for a period of 20 years and it was held that it was to be assessed as an association of persons. As against this, in the present case, as per the finding given by the T....