Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
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A sole testamentary family trust created under a deceased's will is discussed as falling within proviso (ii) to section 164(1). The note states that its assessment as an association of persons does not by itself attract taxation at the maximum marginal rate under section 167B, because the statutory proviso applies to a trust that is the only trust declared by will. It also refers to a CBDT clarification and a prior Tribunal decision as supporting taxation otherwise than at the maximum marginal rate. The stated conclusion is that income of the sole testamentary trust is not taxable at that rate for the relevant assessment years.
A sole testamentary family trust created under a deceased's will is discussed as falling within proviso (ii) to section 164(1). The note states that its assessment as an association of persons does not by itself attract taxation at the maximum marginal rate under section 167B, because the statutory proviso applies to a trust that is the only trust declared by will. It also refers to a CBDT clarification and a prior Tribunal decision as supporting taxation otherwise than at the maximum marginal rate. The stated conclusion is that income of the sole testamentary trust is not taxable at that rate for the relevant assessment years.
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