https://www.taxtmi.com/caselaws?id=339313 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer regarding receipts from the dissolution of a trust under section 56(2)(vi) of the Income Tax Act. The Tribunal determined that the amount received on the trust dissolution was not without consideration as it was distributed among beneficiaries according to the trust deed, and the trust had already paid tax at the maximum marginal rate on its income. The decision was supported by findings in a related case involving the assessee's husband, leading to the deletion of the addition. en-us Wed, 15 Feb 2017 00:00:00 +0530 Mon, 20 Feb 2017 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339313 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer regarding receipts from the dissolution of a trust under section 56(2)(vi) of the Income Tax Act. The Tribunal determined that the amount received on the trust dissolution was not without consideration as it was distributed among beneficiaries according to the trust deed, and the trust had already paid tax at the maximum marginal rate on its income. The decision was supported by findings in a related case involving the assessee's husband, leading to the deletion of the addition. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339313