Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
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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