9911796707
TMI Blog2024 (7) TMI 1475X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 01.12.2023 arising out of the assessment order framed u/s 154 of the Act dated 11.04.2018. 2. The brief facts of the case of the appellant are that the assessee Savita Gouri Malani had executed a last will in favour of four persons making the name of Trust as Savita Gouri Malani Grand Children Trust. The beneficiaries are (a) Hemal B. Malani, (b) Jigar B. Malani (Both sons of Bhikhu J. Malani), (c) Jay N. Malani & (d) Vidhi N. Malani (Son & daughter of Naresh J. Malani). Return of income was filed by the assessee on 29.08.2012 declaring therein total income of Rs. 3,59,537/- with tax liability of Rs. 18,490/- determined at normal rates. The CPC while processing the return of income adopted the tax liability at Rs. 1,38,658/- at the max ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions of the Counsels of the respective parties, perused the orders and it admits of no doubt that there was a Trust namely Savita Gouri Malani Grand Children Trust. From perusal of the order of ld. CIT(A) it appears to us that he took the assistance of Section 164(1) of the Act in calculation of the tax by saying that in the present case share of the income of the Trust is unknown and not determinative. The submission of ld. Counsel for the assessee is that in the present case determination of the tax should be as per the 2nd proviso to Section 164(1) of the Act treating the assessee as an AOP and to tax it in conjunction with Section 160(iv) of the Act. We have gone through Section 160(iv) of the Act which reads thus: "In respect of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble under a trust declared by any person by will and such trust is the only trust so declared by him; or (iii) the relevant income or part of relevant income is receivable under a trust created before the 1st day of March, 1970, by a non-testamentary instrument and the Assessing Officer is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor, or where the settlor is a Hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their support and maintenance; or (iv) the relevant income is receivable by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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