TMI BlogTax liability of trust - the purpose of tax under the Act, the Assessing Officer may be in a position to...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 Trust and while finding out the status of the beneficiaries of the First Level Trust, he may look upon the taxable liability of the beneficiaries of Second Level Trust, who are the beneficiaries of First Level Trust and if the tax payable is higher, while making assessment of the First Level Trust, option may be resorted to under Sec..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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