https://www.taxtmi.com/caselaws?id=247546 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, a beneficiary of a private discretionary trust, holding that the income received as a beneficial share was exempt from tax. The ITAT emphasized the rule of consistency, stating that the income had already been taxed in the hands of the trustees and should not be taxed again in the hands of the beneficiary. Additionally, the ITAT noted that the beneficial share was part of exempt dividend income and should retain its exempt status under Section 10(34). The assessee's appeal was allowed, and the order was pronounced on 28-04-2014. en-us Mon, 28 Apr 2014 00:00:00 +0530 Thu, 15 May 2014 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247546 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, a beneficiary of a private discretionary trust, holding that the income received as a beneficial share was exempt from tax. The ITAT emphasized the rule of consistency, stating that the income had already been taxed in the hands of the trustees and should not be taxed again in the hands of the beneficiary. Additionally, the ITAT noted that the beneficial share was part of exempt dividend income and should retain its exempt status under Section 10(34). The assessee's appeal was allowed, and the order was pronounced on 28-04-2014. Case-Laws Income Tax Mon, 28 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247546