Jayant M. Patel, J.

1. As in the present group of appeals, substantial questions of law, to some extent, are interconnected and they are also common in certain group, they are being considered simultaneously. We may record that in order to appreciate the respective questions formulated in the respective matters, the questions can be reformulated and thereafter based on the answer, in facts of each case, the ultimate decision can be recorded. In our view, mainly two substantial questions of law would arise in the present group of matters as referred to hereinafter and to be specific in the first group of matter, comprising of Tax Appeal No. 20 of 2001, IT Ref. No. 28 of 2000, IT Ref. No. 25 of 2003, IT Ref. No. 74 of 1996 and IT Ref. No. 141 of 1996, following question would be required to be considered : ‘Whether on facts and circumstances of the case, the Tribunal has substantially erred in law in holding that since some or all beneficiaries of the trust are discretionary trust, to the extent of share of beneficiary as discretionary trust, the tax can be charged at the maximum marginal rate under s. 164 and not under s. 161 of the IT Act, 1961 (hereinafter referred to as th