9911796707
TMI BlogThis summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of...This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are: The trust advanced funds to another trust with common objects and trustees, which did not violate provisions. If a violation of Section 13 occurred by giving a loan, only notional interest at 12% per annum on the loan amount could be taxed, not the entire loan amount at maximum marginal rate. Regarding a large security deposit paid by the trust, the matter was remanded to the Assessing Officer to determine if it conferred any benefit on the trustees by comparing with similar instances. If benefit accrued, tax at maximum marginal rate would apply on the deposit amount. The is..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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