Law:

Section:

Mere fact that beneficiaries or trustees being representative assessees are more than one cannot lead to a conclusion that they constitute an 'association of persons' and in absence of element of volition on part of either trustees or benefi- ciaries, by no stretch of imagination it can be considered to be an association of persons Section 2(31)(v) of the Income-tax Act, 1961 - Association of persons - Assessment year 1995-96 - Whether mere fact that beneficiaries or trustees being representative assessees are more than one cannot lead to a conclusion that they constitute an 'association of persons' and in absence of element of volition on part of either trustees or beneficiaries, by no stretch of imagination it can be considered to be an AOP - Held, yes - Whether term 'individual' as used in Act does not mean a single living human being but would include in its ambit a BOI constituting a unit for purposes of Act - Held, yes Section 260A of the Income-tax Act, 1961 - High Court, appeal to - Whether when in tax matters which are governed by all India statute, there is a decision of another High Court on interpretation of a statutory provision, it would be a wise judicial policy and practice not take a different view barring, of course, certain exceptions, like where decision is sub silentio, per incuriam, obiter dicta or based on a concession or takes a view which it is impossible to arrive at or there is another view in field or there is a subsequent amendment of statute or reversal or implied over ruling of decision by a Higher Court or some such or similar infirmity is manifestly perceivable in decision - Held, yes FACTS The assessee-trust filed its return of income declaring total income including long-term capital gains. The case was selected for scrutiny and a notice was issued under section 143(2) to the assessee. The assessee claimed the status of 'Resident individual'. However, the assessee was assessed in the status of an AOP and the maximum marginal rate of tax was applied, while deduction claimed under section 80L was disallowed. The application filed by the assessee under section 154, inter alia, requesting for being assessed, as in the past, in the…

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