Electricity network contributions remain revenue expenditure where ownership and maintenance stay with the electricity board, supporting business prof...
Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
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A securitisation trust under the SARFAESI and RBI framework was treated as a revocable trust where the deed allowed re-transfer of the trust fund and re-assumption of control by Security Receipt Holders; the trust income was therefore assessed in the hands of the beneficiaries and not the trust itself. The Tribunal also held that such a statutorily structured trust was not an Association of Persons, since the beneficiaries were identifiable and their shares were determinable from the governing documents and contribution records. On that basis, the attempt to tax the trust as an indeterminate entity failed and the additions made on that footing were deleted.
A securitisation trust under the SARFAESI and RBI framework was treated as a revocable trust where the deed allowed re-transfer of the trust fund and re-assumption of control by Security Receipt Holders; the trust income was therefore assessed in the hands of the beneficiaries and not the trust itself. The Tribunal also held that such a statutorily structured trust was not an Association of Persons, since the beneficiaries were identifiable and their shares were determinable from the governing documents and contribution records. On that basis, the attempt to tax the trust as an indeterminate entity failed and the additions made on that footing were deleted.
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