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2004 (3) TMI 34 - HC - Income TaxTransfer of a residential house - Benefit u/s 53 - "Whether, Tribunal was justified that the assessee-trust was not liable to the charge of capital gains tax?" - The material thing is an "assessment" in the case of the assessee in hand, which is assessed by the Revenue. Undisputably, in the case in hand, the assessee is a "trust" and the trust has been assessed in the status of "association of persons", and the association of persons is not entitled to the benefit of exemption under section 53 of the Act. Merely because the income ultimately goes into the hands of "individual" beneficiaries, is immaterial. - Therefore, Tribunal has committed an error to extend benefit of exemption under section 53 of the Act to the "association of persons" like the assessee-respondent.
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