Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed that the trust was indeed revocable. - It was noted that the income from the purchase of mutual funds had already been offered to tax in the return of income filed by the settlor, as per Section 61 of the Act. - The Tribunal reiterated the provision of Section 61, stating that income arising from a revocable transfer of assets is taxable in the hands of the transferor, i.e., the settlor of the trust. The trust deed itself indicated that any income or source of investment in mutual funds was to be taxable in the hands of the settlor. - The ITAT found the actions of the authorities arbitrary and emphasized that the income had already been offered by the settlor, hence taxing it again in the hands of the trust was unjustified.
Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed that the trust was indeed revocable. - It was noted that the income from the purchase of mutual funds had already been offered to tax in the return of income filed by the settlor, as per Section 61 of the Act. - The Tribunal reiterated the provision of Section 61, stating that income arising from a revocable transfer of assets is taxable in the hands of the transferor, i.e., the settlor of the trust. The trust deed itself indicated that any income or source of investment in mutual funds was to be taxable in the hands of the settlor. - The ITAT found the actions of the authorities arbitrary and emphasized that the income had already been offered by the settlor, hence taxing it again in the hands of the trust was unjustified.
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