Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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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