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1. Trust's income tax liability determined based on last will provisions, not maximum marginal rate - assessee's appeal allowed. AO and CIT(A) erred in applying Section...

2. Discretionary trust liable to pay tax at maximum marginal rate, including highest slab rate of income tax and surcharge applicable to individuals. Section 2(29C)...

3. 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:...

4. The trust is discretionary trust. Hence, it is liable to be assessed as per the provisions of Sec.164(1) at maximum marginal rate.

5. Assessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...

6. Assessment of trust - Rate of Tax - Maximum Marginal Rate (MMR) - The ld. AR of the assessee argued that the trust should be taxed based on the specific provision of...

7. Assessment of trust/AOP - trust to be assessed in the status of AOP - religious trusts / deity - Levying tax at the maximum marginal rate instead of rates applicable to...

8. 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...

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. Insertion of new Chapter XII-EB - Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be...

11. Re-computation of income tax liability - to adopt the maximum marginal rate of 40% applicable under Section 164(1) - the maximum marginal rate could not be applied to...

12. Assessment of trust - Tax rate - provisions of Sec.167B applies to an AOP or BOI where its income is indeterminate or unknown then the tax shall be charged at the...

13. Applicability of section 167B - taxing at maximum marginal rate - assessment of AOP - Unambiguous provisions of 167B(2), if income of any member (other than the share of...

14. Charging maximum marginal rate - Charitable society - validity of action of the CPC in calculating the tax at Maximum Marginal rates instead of the slab rates - Revenue...

15. Assessment of trust - Determinate Trust or indeterminate Trust - Section 164(1) - That Section comes into play only where any income or any part thereof is not...