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Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Major port trusts in India had given confirmation to the ...

Income Tax

September 12, 2016

Major port trusts in India had given confirmation to the assessee port trust that they are being assessed only as a ‘local authority’ and not in the status of a ‘company’ under the Income Tax Act - reassessment proceedings quashed - AT

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  1. The assessee-Port Trust would fall within the meaning of "dealer" under Section 2(viii) of the Act and is consequently assessable to tax under the Act - HC

  2. Demurrage charges - once consignment is handed over to the Port Trust by the steamer agents, duly endorsing the bill of lading or issuing the delivery order but the...

  3. The trust is discretionary trust. Hence, it is liable to be assessed as per the provisions of Sec.164(1) at maximum marginal rate.

  4. Recognition of TRUST - As can be seen from the definitions, the Trust created in terms of the deed of settlement is consistent with the requirements of both, the Indian...

  5. Assessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...

  6. Exemption u/s 11 - denial of exemption as assessee trust is for benefit of a Sindhi community - This institution should give help to Sindhi; as far as possible with a...

  7. Deduction u/s 80IA - Inland storage facility operation at various ports – there is an agreement between the assessee and the Visakhapatnam Port Trust Authorities that...

  8. Status of a trust/AOP - Valid status - assessee trust is a revocable trust - provisions of Sec. 61 to 63 of the Act would be applicable to it - there would be no legal...

  9. Assessee is a revocable trust OR AOP - as the names of the beneficiaries of the assessee trust and their shares were known since inception i.e at the time of the...

  10. Status of assessee trust - whether society registered under a statute is to be assessed as an Artificial Juridical Person (AJP)? - Held Yes - AT

 

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