(1)] [ Inserted by Act 14 of 2001, Section 65 (w.e.f. 1.6.2001).][Subject to the provisions of sub-sections (2) and (3), where] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).][any income in respect of which the persons mentioned in clauses (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in this section referred to as "relevant income", "part of relevant income" and "beneficiaries", respectively), ] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).][tax shall be charged on the relevant income or part of relevant income at the maximum marginal rate:] [ Substituted by Act 44 of 1980, Section 27, for certain words (w.r.e.f. 1.4.1980).][Provided that in a case where-] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).](i)[ none of the beneficiaries has any other income chargeable under this Act exceeding the maximum amount not chargeable to tax in the case of an ] [Substituted by Act 44 of 1980, Section 27, for Clause (i) (w.r.e.f. 1.4.1980).][association of persons] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).][or is a beneficiary under any other trust; or [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).](ii)the relevant income or part of relevant income is receivable ][under a trust declared by any person by will and such trust is the only trust so declared by him] [ Substituted by Act 44 of 1980, Section 27, for certain words (w.r.e.f. 1.4.1980).]; or(iii)[ the relevant income or part of relevant income is receivable under a trust created before the 1st day of March, 1970, by a non-testamentary instrument and the ] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor, or where the settlor is a Hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their support and maintenance; or [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).](iv)the relevant income is receivable by the trustees on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession, tax shall be charged ] [on the relevant income or part of relevant income as if it] [ Substituted by Act 44 of 1980, Section 27, for certain words (w.r.e.f. 1.4.1980).][were the total income of an ] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).][association of persons] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).]:[Provided further that where any income in respect of which the person mentioned in clause (iv) of sub-section (1) of section 160 is liable as representative assessee consists of, or includes, profits and gains of business, the preceding proviso shall apply only if such profits and gains are receivable under a trust declared by any person by will exclusively for the benefit of any relative dependent on him for support and maintenance, and such trust is the only trust so declared by him.] [ Inserted by Act 21 of 1984, Section 21 (w.e.f. 1.4.1985).]
