Exemption u/s 11 - undue benefit in lieu of salary and ...

Section 13 Violation: Only Benefits to Specified Individuals Taxable at Maximum Marginal Rate, Not Entire Trust Surplus.

September 12, 2020

Case Laws Income Tax AT

Exemption u/s 11 - undue benefit in lieu of salary and allowances to the persons specified u/s 13(3) - In the present case, even if it is held that there is violation of sec.13, then only the amount of benefit given to the persons specified u/s 13(3) out of the income of the trust is chargeable to tax at MMR. Hence, the action of AO in taxing the surplus at maximum marginal rate without considering the provisions of section 11 & 12 is bad in law. - AT

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Exemption u/s 11 - undue benefit in lieu of salary and ...

Section 13 Violation: Only Benefits to Specified Individuals Taxable at Maximum Marginal Rate, Not Entire Trust Surplus.

September 12, 2020

Case Laws Income Tax AT

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