https://www.taxtmi.com/caselaws?id=252480 The Tribunal dismissed the Revenue's appeal, affirming that the trust was not an Association of Persons (AOP) but a revocable trust. It held that the income should be assessed in the beneficiaries' hands, as their shares were determinable per the trust deed. Emphasizing against double taxation, the Tribunal ruled that once income was taxed in the beneficiaries' hands, it should not be taxed again in the trustee's hands. The Tribunal criticized the AO's stance of assessing the trust without crediting tax paid by the beneficiaries as unreasonable. en-us Fri, 17 Oct 2014 00:00:00 +0530 Mon, 23 Feb 2015 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252480 The Tribunal dismissed the Revenue's appeal, affirming that the trust was not an Association of Persons (AOP) but a revocable trust. It held that the income should be assessed in the beneficiaries' hands, as their shares were determinable per the trust deed. Emphasizing against double taxation, the Tribunal ruled that once income was taxed in the beneficiaries' hands, it should not be taxed again in the trustee's hands. The Tribunal criticized the AO's stance of assessing the trust without crediting tax paid by the beneficiaries as unreasonable. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252480