Supreme Court of India
Gosar Family Trust, Jamnagar Etc. v. Commissioner of Income Tax
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the considered opinion that the second category beneficiaries are also beneficiaries as rightly pointed out by the High Court.
Judgment, page 9
From the headnote
Indian Trust Act 1882-Discretionary Trust created with two categories of beneficiaries-First category entitled to trust income-Second category to ' get the corpus of the trust and all the income accumulated at the end of the c trus!-Held : Second category is beneficiary. Income Tax Act 1961-Section 164(1) and Proviso (if-Trust created with two category beneficiaries-First category to get trust income-Second category to get corpus and income at the end of the Trust-First category beneficiaries having no taxable income under the proviso-The second category falling under the proviso-Rates for
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