Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
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A securitisation trust with determinate beneficiaries is not an Association of Persons merely because several investors hold security receipts. An AOP requires a voluntary combination acting with common design and management to earn income; no such joint enterprise was shown where the trust operated under the securitisation framework and trustee-administered trust deed. Where investors may revoke contributions and reclaim assets, the arrangement constitutes a revocable transfer and the pass-through provisions in sections 61 to 63 apply. Income is therefore taxable in the hands of determinate beneficiaries in the same manner and extent as applicable to them, rather than as AOP income of the trust.
A securitisation trust with determinate beneficiaries is not an Association of Persons merely because several investors hold security receipts. An AOP requires a voluntary combination acting with common design and management to earn income; no such joint enterprise was shown where the trust operated under the securitisation framework and trustee-administered trust deed. Where investors may revoke contributions and reclaim assets, the arrangement constitutes a revocable transfer and the pass-through provisions in sections 61 to 63 apply. Income is therefore taxable in the hands of determinate beneficiaries in the same manner and extent as applicable to them, rather than as AOP income of the trust.
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