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2023 (5) TMI 534 - AT - Income TaxAssessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - in absence of details of section 12A registration, income of the assessee was made taxable under the category of AOP/BOI and tax was charged without giving basic exemption and slab benefits - HELD THAT:- As observed Assessee trust is the only trust formed Smt. Lajwanti Manchanda,Assessee trust is a family trust in the form of AOP/BOI for the benefit of Smt. Lajwanti Manchanda’s son and grand children. Assessee family trust has only income from other sources and there is no business income to the trust. - Shares of beneficiaries of trust are determined and chart for A.Y 2016-17 to 2019- 20 filed by the assessee clearly shows that conditions as prescribed in various provisions of the Act to claim basic exemption and slab benefit are being fulfilled by the assessee family trust. As per legal positions in favour of assessee it is hereby directed to the A.O for redetermination of assessee family trust tax liability giving basic exemption and slab benefit. It is directed to the assessee also to appear and co-operate before the A.O in terms of filing requisite information and explanations required to verify the claim raised by him. Appeal filed by the assessee is allowed for statistical purposes.
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