https://www.taxtmi.com/caselaws?id=241639 The tribunal examined the legality of penalties imposed on a trust under section 271(1)(c) of the Income Tax Act for non-filing of returns and the assessment of interest income received by the trust under section 161. The trust argued that income should be assessed in the hands of beneficiaries. Despite the CIT(A) directing assessment under section 161, the Assessing Officer did not comply, leading to contradictory actions. The tribunal held that the penalties were incorrect, deleted them, and allowed the trust's appeals. en-us Mon, 23 Dec 2013 00:00:00 +0530 Sat, 28 Dec 2013 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241639 The tribunal examined the legality of penalties imposed on a trust under section 271(1)(c) of the Income Tax Act for non-filing of returns and the assessment of interest income received by the trust under section 161. The trust argued that income should be assessed in the hands of beneficiaries. Despite the CIT(A) directing assessment under section 161, the Assessing Officer did not comply, leading to contradictory actions. The tribunal held that the penalties were incorrect, deleted them, and allowed the trust's appeals. Case-Laws Income Tax Mon, 23 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241639