- (1.) WE have heard learned counsel for the IT Department. The assessment year involved is 1984 -85.
(2.) . The following two questions have been referred : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessment in the hands of the trust be framed under s. 161 of the IT Act, 1961 ? 2. Whether, in view of the facts and circumstances of the case, the Tribunal was correct in law in dismissing the Revenue's appeal by placing reliance on the decision of the Special Bench Babu Lal Grand Sons Family Trust vs. ITO (1989) 31 ITD 52 (Del), where the matter for consideration was entirely different -
(3.) FOR appreciating the two questions, the relevant facts are set out concisely below : A trust under the name of "Baboolal Grandsons Family Trust" was created by one Budh Sen by a trust deed dt. 2nd first two of the beneficiaries aforesaid were 20 per cent each and the shares of the other two beneficiaries were 30 per cent each.;