TMI Blog2022 (9) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the amounts which has already been taxed again in the hands of the appellant amounts to double taxation on the facts and circumstances of the case? - HELD THAT:- Having considered the very Circular No.157 [F.No.228/8/73-IT (A-II)] dated 26.12.1974 the ITAT, New Delhi has recorded in para 9 of its order the contention of the assessee therein that the income of the Trust can be taxed only once. In the result, the ITAT has dismissed the appeal filed by the Revenue challenging the order passed by the CIT(A) in that case. As per Section 161 of the Act the Trust can be assessed in its own name. Section 166 of the Act provides for assessment of income in the hands of the beneficiary. In view of unambiguous language used in the Circular c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h M/s. Lintas India (P) Ltd. The said Company had formed several Trusts in which assessee is a beneficiary. The respective Trusts were assessed to tax and the said Trusts have paid their taxes. 4. Shri. Shankar submitted that in the first round of litigation, the Assessing Officer had held that the monies received by the assessee were 'perquisites' under Section 17(3) of the Income Tax Act, 1961 ('Act' for short). Assessee had challenged the said order and CIT(A) (Commissioner of Income Tax (Appeals) had upheld AO's (Assessing Officer) order. Assessee challenged the said order in ITA No.554/Bang/2012. The ITAT (Income-Tax Appellate Tribunal) vide order dated January 10, 2014, remanded the matter for fresh consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to assess the income under Section 56(2) of the Act and the ITAT has directed to classify tax under various heads and therefore, there is no error in the order passed by the Assessing Officer as also by the ITAT. 7. We have carefully considered rival contentions and perused the records. 8. The relevant portion of the Circular relied upon by Shri. Shankar reads as follows: 2. According to the Scheme of the 1961 Act, even as it was under the 1922 Act, the general principle is to charge all income only once. The Board desire to reiterate the earlier instructions in this regard. In order that there is no loss of revenue, the Income-tax Officer should keep this point in view at the time of raising the initial assessment either of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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