Substitution of new Section for Section 164

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....bject to the provisions of sub-sections (2) and (3), where any income in respect of which the persons mentioned in clause (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such inco....

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....relevant income is receivable under a trust created before the 1st day of March, 1970, by a non-testamentary instrument and the Income-tax Officer is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settler, or where the settler is a Hindu undivided family, exclusively for the b....

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....ot exempt under section 11, as if the relevant income not so exempt were the income of an association of persons. (3) In a case where the relevant income is derived from property held under trust in part only for charitable or religious purposes and either the relevant income applicable to purposes other than charitable or religious purposes (or any part thereof) is not specifically recei....

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....me which is applicable to purposes other than charitable or religious purposes, and in respect of which the shares of the beneficiaries are indeterminate or unknown, at the rate of sixty-five per cent., whichever course would be more beneficial to the revenue : Provided that in a case where - (i) none of the beneficiaries in respect of the part relevant income which is n....