Assessment of trust - surplus distributed among the members - ...

Case Laws Income Tax

February 4, 2022

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 are all concerns governed by the principles of mutuality. The 95 per cent surplus distributed by the assessee trusts to the various SHGs working under them is nothing but the income of those SHGs themselves. It is not something that those groups are getting from outside by way of income. It is the fruit of their efforts. - all these SHGs working under the assessee trusts are concerns governed by the principles of mutuality and accordingly the 95 per cent of surplus distributed among them are not in the nature of income - AT

View Source

← Previous Next →

Assessment of trust - surplus distributed among the members - ...

Case Laws Income Tax

February 4, 2022

You may also like:

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...

Exemption u/s 11 - assessee is a Charitable Trust registered u/s. 12A - The Tribunal found that the trust, despite being primarily focused on its members, was engaged in...

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...

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...

Reopening of assessment u/s 147 - Assessment of trust - There is a direct live link between the rental income received by the trust and the income shown by the...

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...

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...

Nature of receipt from the trust - distribution of surplus by the trust - as per scheme of assessment of private discretionary trust, the Department has to opt whether...

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...

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

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...

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...

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...

Assessee is a revocable trust OR AOP - as the names of the beneficiaries of the assessee trust and their shares were known since inception i.e at the time of the...

Assessment u/s 164(1) - whether the assessee trust cannot be assessed as on AOP? - Once the shares of the beneficiaries are found to be determinable, the income is to be...

Quick Updates: