TMI BlogStatus of a private discretionary trust - AOP OR Individual - The Ld. CIT(A) has interpreted the meaning...Status of a private discretionary trust - AOP OR Individual - The Ld. CIT(A) has interpreted the meaning of AOP - the subsequent amendment by explanation to section 2(31) wherein the AOP can be formed without the common objective of deriving income, profits or gains, thus concluding that private discretionary trust will come under the purview of AOP. In addition to this, the proviso to section 164(1) also states that under the circumstance provided therein, the income of the discretionary trust shall be assessed to tax as AOP. - Order of CIT(A) sustained - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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