Practical Accounts And Taxation
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Assessing Officer assessed rental income in hands of assessee-trust at maximum marginal rate instead of allotting it in hands of beneficiaries. As beneficiaries were real owners of property of trust and their shares of income were determined, tax on share of each beneficiary would be separately calculated as if it formed a part of beneficiary's income and tax payable by trust would be sum total of tax calculated on share of each beneficiary.
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