9911796707
TMI Blog2024 (10) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... intimation, to restrict the tax on the income of the assessee to slab rate HELD THAT:- We are of the considered view that whether the assessee s income is taxable at slab rates falling under clause (iv) of the first proviso to section 164(1) of the Act, or is taxable under section 167B of the Act as an AOP at Maximum Marginal Rate is required to be examined in detail by the Jurisdictional Assessing Officer having regard to the all the relevant material. Since the assessee s rectification application in this regard is also pending consideration u/s 154 of the Act, we deem it appropriate to restore the issue on merits to the file of the Jurisdictional Assessing Officer for consideration afresh after examination and verification of all the nec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Assessing Officer and the Ld. First Appellate Authority erred in facts as well as in law by determining the tax liability of the Appellant at Maximum Marginal Rate (MMR). 3. That on the facts and in the circumstances of the case, the Ld. Assessing Officer and the Ld. First Appellate Authority erred in facts as well in law, in computing the tax liability of the Appellant by applying section 167B of the Act, without appreciating the fact that the appellant is not an Association of Person and merely acting as a representative. 4. That on the facts and in the circumstances of the case, the Ld. Assessing Officer and the Ld. First Appellate Authority erred in facts as well in law, in not computing the tax liability of the Appellant under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties such as indoor and outdoor, advancement of educational career including reimbursement of expenses for attending part-time courses, training programs, etc., organising programs for leadership development, public speaking, programs for developing personal qualities, etc. The employees of the company are the beneficiaries of the assessee trusts. Further, the trust was settled by its authors by settling certain shares of the company in the assessee trusts, with a direction that the income from the shares should be used for the purpose stated therein. The trustees hold the equity shares of the company on behalf of the assessee and earn dividend income therefrom, which is the major source of income of the assessee trust. 4. As per the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appeal filed by the assessee trust on the ground of delay and also upheld the demand raised vide intimation issued under section 143(1) of the Act. 6. During the hearing, the learned Authorised Representative ( learned AR ) submitted that the assessee trusts have also filed an application under section 154 of the Act seeking to rectify the impugned intimation, to restrict the tax on the income of the assessee to slab rate. The learned AR submitted that the said application is currently pending consideration by the Assessing Officer. It was further submitted that on a similar dispute raised in relation to identically placed employee benevolent trusts settled by Ion Exchange (India) Ltd., the CPC has granted relief on an application under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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