Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
