| COURT: | Karnataka High Court |
| CORAM: | A. N. Venugopala Gowda J, Jayant Patel J |
| SECTION(S): | 161(1), 164 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | discretionary trust, Specific trust |
| COUNSEL: | J.D. Mistri |
| DATE: | February 1, 2017 (Date of pronouncement) |
| DATE: | February 20, 2017 (Date of publication) |
| AY: | 2008-09 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 164: The explanation to s. 164 cannot be read for determinability of the shares of the beneficiary with the quantum on the date when the Trust deed is executed. The real test is whether shares are determinable even when even or after the Trust is formed or may be in future when the Trust is in existence | |
By no interpretative process the explanation to Section 164 of the Act, which is pressed in service can be read for determinability of the shares of the beneficiary with the quantum on the date when the Trust deed is executed and the second reason is that the real test is the determinability of the shares of the beneficiary and is not dependent upon the date on which the trust deed was executed if one is to connect the same with the quantum. The real test is whether shares are determinable even when even or after the Trust is formed or may be in future when the Trust is in existence
Recent Comments