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Income Tax - Highlights / Catch Notes

Home Highlights June 2017 Year 2017 This

Trust is a revocable trust and the income derived by the ...

Income Tax

June 9, 2017

Trust is a revocable trust and the income derived by the assessee required to be taxed in the hands of the beneficiaries in accordance with the provisions of sections 61 and 161(1) - AT

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  1. Assessment of trust/AOP - revocable trust - where a contribution is made in a manner that the contributors are entitled to recover their contributions over a specified...

  2. The assessee Trust is a revocable Trust and contribution by beneficiaries is a revocable transfer. - the income shall be taxed in the hands of the beneficiaries, i.e....

  3. Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed...

  4. Doctrine of diversion of income by overriding title - Tax liability on interest income of the trust - since assessee was a revocable trust and contribution by...

  5. Treatment of assessee trust as an Association of Persons (AOP) - Since it was revocable Trust, the provisions of Sec. 61 to 63 were applicable and the assessee could not...

  6. 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...

  7. 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...

  8. Income attribution to trust - invoking section 61 - income taxable in the hands of the beneficiaries OR trust - revocable trust or not - Tribunal was perfectly justified...

  9. Denial of exemption u/s 11 - Assessee is claimed to be a trust carrying on activities of providing swimming pool facilities for aquatic events and training and...

  10. The income from the contributions made by the beneficiaries of the trust is taxable only in their hands and not in the hands of the assessee

 

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