Status of a private discretionary trust - AOP OR Individual - ...

Income Tax

April 19, 2022

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(31) wherein the AOP can be formed without the common objective of deriving income, profits or gains, thus concluding that private discretionary trust will come under the purview of AOP. In addition to this, the proviso to section 164(1) also states that under the circumstance provided therein, the income of the discretionary trust shall be assessed to tax as AOP. - Order of CIT(A) sustained - AT

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Status of a private discretionary trust - AOP OR Individual - ...

Income Tax

April 19, 2022

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

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