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2021 (7) TMI 874 - AT - Income TaxStatus of a trust/AOP - Valid status of trust - revocable trust - allegation that trust was a colourable device to evade taxes - Holding the trust as a non-revocable trust - Revocation of Contributions Taxability of the Income at the right place and in right hands - Holding assessee trust as an indeterminate Trust (discretionary trust) - HELD THAT:- Since the issue has already discussed and decided in the case of M/s. Scheme A1 of ARCIL CPS 002 XI Trust [2020 (9) TMI 465 - ITAT MUMBAI] the facts narrated above is quite similar to the facts of this case, therefore, we are of the view that the assessee has revocable trust and the income is liable to be treated in the hands of the beneficiary. Accordingly, we set aside the finding of the CIT(A) on this issue and decide this issue in favour of the assessee.
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