Deemed income: failure to cancel assignment of beneficial interest converts consideration into taxable income after notice period. Where an employee assigns or creates a charge on his beneficial interest in a fund, the Assessing Officer must notify the employee to secure cancellation within two months; failure to do so causes the consideration received to be treated as deemed income of the employee in the tax year when the Assessing Officer became aware, and that amount is to be assessed accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed income: failure to cancel assignment of beneficial interest converts consideration into taxable income after notice period.
Where an employee assigns or creates a charge on his beneficial interest in a fund, the Assessing Officer must notify the employee to secure cancellation within two months; failure to do so causes the consideration received to be treated as deemed income of the employee in the tax year when the Assessing Officer became aware, and that amount is to be assessed accordingly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.