Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Page of 4801
Press 'Enter' after typing page number.
341 to 360 of 96001 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The assessee, a trust, claimed to be taxed at the same rate applicable to its beneficiary u/s 115BAA. However, this claim was dismissed as the assessee was not treated as a representative assessee. The CIT(A) accepted the assessee's status as a representative assessee and held that since the assessee is a determinate trust with RIIHL as its sole beneficiary and settler, and RIIHL has opted for taxation under the new regime at 22%, the assessee is also liable to be taxed at the same rate. The court held that u/s 161(1), a representative assessee shall be taxed in the same manner and to the same extent as the person represented. Since RIIHL was taxed u/s 115BAA, the assessee trust should also be taxed at the same rate. The court distinguished the case from Mrs. Amy F. Cama, where the trust was not considered a representative assessee. The Tribunal's decision in favor of the assessee was upheld.
The assessee, a trust, claimed to be taxed at the same rate applicable to its beneficiary u/s 115BAA. However, this claim was dismissed as the assessee was not treated as a representative assessee. The CIT(A) accepted the assessee's status as a representative assessee and held that since the assessee is a determinate trust with RIIHL as its sole beneficiary and settler, and RIIHL has opted for taxation under the new regime at 22%, the assessee is also liable to be taxed at the same rate. The court held that u/s 161(1), a representative assessee shall be taxed in the same manner and to the same extent as the person represented. Since RIIHL was taxed u/s 115BAA, the assessee trust should also be taxed at the same rate. The court distinguished the case from Mrs. Amy F. Cama, where the trust was not considered a representative assessee. The Tribunal's decision in favor of the assessee was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
