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. 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...

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

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. 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...

7. 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...

8. 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...

9. 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...

10. 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...

11. 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...

12. 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...

13. Exemption u/s 11 - whether Voluntary Contributions made to the corpus of the Trust constitutes “taxable income” of the Trust? - Corpus-specific-voluntary contributions...

14. Taxable Income in India or not - Royalty receipt - PE in India or not? - amount received towards Marketing Contribution, Priority Club receipts, Reservation...

15. Insertion of new section 115TCA - Tax on income from securitisation trusts. - any income accruing or arising to, or received by, a person, being an investor of a...