Home Highlights October 2017 Year 2017 This

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1. Assessment of trust/AOP - revocable trust - where a contribution is made in a manner that the contributors are entitled to recover their contributions over a specified...

2. 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...

3. The assessee Trust is a revocable Trust and contribution by beneficiaries is a revocable transfer. - the income shall be taxed in the hands of the beneficiaries, i.e....

4. Doctrine of diversion of income by overriding title - Tax liability on interest income of the trust - since assessee was a revocable trust and contribution by...

5. Additions u/s 164 r.w.s 160 - Share of the beneficiaries as taxable in the hands of the assessee trust - The Co-ordinate Bench held that revenue cannot pick and choose...

6. Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed...

7. Applicability of section 161(1A) - the MF being itself a Trust, could it possibly be a beneficiary of a Trust - The income is taxable in the hands of assessee and not in...

8. Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

9. 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...

10. Association of person (AOP) - assessment of trust - assessee cannot be taxed as an AOP and that the shares of each beneficiaries are determinate and known and...

11. Black Money - Beneficial ownership - undisclosed foreign income/asset - The ITAT recognized that the investments were either made by the assessee's son or were explained...

12. Transaction of shares - Assessment of income - the shares held by the assessee trust are capital assets in its hands and gain arising on the transfer of these shares by...

13. 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...

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. Income attribution to trust - invoking section 61 - income taxable in the hands of the beneficiaries OR trust - revocable trust or not - Tribunal was perfectly justified...