Home Highlights May 2016 Year 2016 This

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1. Assessment order u/s 143(3) passed against an individual beneficiary, determining the primary assessee liable for taxation. The key points are: the assessment order was...

2. Assessment of trust - surplus distributed among the members - The share of every beneficiary is quantified. - the assessee trusts and the SHGs are inter-related and they...

3. Status of indeterminate trust - the names of the beneficiaries are not specified in the trust and the individual shares of the beneficiaries are not ascertainable on the...

4. Exemption u/s 11 - object of the assessee is to promote the game of golf in the State of Tamilnadu. The benefits can be available not only for the members of the...

5. The Appellate Tribunal addressed the status of the assessee as a trust or AOP, focusing on the taxability of income in the hands of the Appellant Trust versus...

6. Tax liability of trust - the purpose of tax under the Act, the Assessing Officer may be in a position to find out the status of the beneficiaries of the First Level...

7. LTCG - Deduction u/s 54F claimed by the Trust assesseed u/s 161 on behalf of beneficiary - only by virtue of u/s. 161 that the trust has been assessed for the income...

8. The assessee argued that the case was selected for limited scrutiny, limiting it to verifying deductions u/s 57. However, the interconnected nature of deductions and the...

9. Trust - The beneficiaries have not set up the Trust. Therefore it cannot be said that the beneficiaries have come together with the object of carrying on investment in...

10. Assessment of Trust - voluntary corpus donations - Whether the assessee is a discretionary Trust - Additions u/s Section 56(2)(vii) read with Section 2(24)(iva) - AOP...

11. Denial of exemption u/s 11 & 12 - Assessment of trust - Taxation at Maximum Marginal Rate (MMR) - charging the assessee as per the provisions of section 164(1) or 164(2)...

12. Exemption u/s 11 - Trust - it was alleged that the principle activity of the assessee trust was letting out the auditorium with clear profit motive - allegation has not...

13. Assessment of trust - whether the assessee Trust is a determinate Trust or indeterminate Trust? - Once the benefits are to be shared by the beneficiaries in proportion...

14. The assessee, a trust, claimed to be taxed at the same rate applicable to its beneficiary u/s 115BAA. However, this claim was dismissed as the assessee was not treated...

15. The Income Tax Appellate Tribunal (ITAT) examined the taxability of income from a discretionary trust u/s 164(1) read with clause (ii) of Explanation 1 to Section 164 of...