Assessee was a family trust with 14 beneficiaries having equal shares .Assessee. During previous year relevant to assessment year assessee was in receipt of only rental income .Shares of all beneficiaries were determined and known. AO held that shares of beneficiaries though definite in trust, they were not co-owners of trust property, thus, S. 26 mandating assessment in hands of each beneficiary separately would not apply . AO assessed rental income in hands of assessee-trust at maximum marginal rate instead of allotting it in hands of beneficiaries .Allowing the appeal of the assessee the Tribunal held that  since 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.( AY.2007 -08)