Law:

Section:

Section 164 read with section 256 of the Income-tax Act, 1961 - Trust/Trustees - Charge of tax where shares of beneficiaries unknown - Whether question of applicability of section 164 to a trust was a referable question of law - Held, yes FACTS The Tribunal upheld the decision of the AAC to treat the assessee as a specified trust with known beneficiaries and their determinate shares and also that the assessee was not liable to be charged to tax at the maximum rate under section 164(1). On application under section 256(2) : HELD Question of law arose from the Tribunal's order. Therefore, the Tribunal was directed to draw up a statement of the case and refer the same to the High Court. Note : The case was decided in favour of the revenue. V.K. Singhal for the Applicant. N.M. Ranka for the Respondent. JUDGMENT Having heard learned counsel for the parties, we are satisfied that the following questions of law arise in this reference : "(i)Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the provisions of section 164(1) itself are not applicable…

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