Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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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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