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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Taxability of withdrawals from private discretionary trust - So ...

Income Tax

August 20, 2019

Taxability of withdrawals from private discretionary trust - So far as the beneficiary is concerned, once the source of funds received by beneficiary is explained, taxation could possibly be confined only to the income component - but the settlor has to explain the investments also, which were not accounted for in his books of accounts or disclosed earlier, detected during the search operations

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  1. 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. Nature of receipt from the trust - distribution of surplus by the trust - as per scheme of assessment of private discretionary trust, the Department has to opt whether...

  3. Trust - The beneficiaries have not set up the Trust. Therefore it cannot be said that the beneficiaries have come together with the object of carrying on investment in...

  4. 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...

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

  6. Maximum marginal rate u/s 164 - answerability of trustees to beneficiary is limited to beneficiary of a particular trust as per Trust Act and it cannot be stretched or...

  7. 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....

  8. Income from other sources u/s 56 - Taxability of Awards for Sportsmen - assessee has received various awards - Indian professional shooter - benefit of exemption allowed.

  9. Nature of receipt - additions towards receipt of Corpus Fund - additions on account of Corpus contribution received by the appellant being a Trust - held as capital...

  10. Taxability of amount received on transfer of technical know-how and marketing know-how – there was no cessation of source of income - taxable as revenue receipt - AT

 

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