https://www.taxtmi.com/caselaws?id=358951 The Tribunal upheld the validity of the reopening of assessment under section 147 of the Income Tax Act, determining that income had escaped assessment due to property ownership by the Trust. It ruled that the income should be assessed in the hands of the beneficiaries, directing individual assessments for each beneficiary. The Tribunal allowed the appeal for statistical purposes, instructing the Assessing Officer to recalculate taxes for each beneficiary's share. The reassessment order was annulled, and the case was remanded for fresh consideration in accordance with the Tribunal's decision. en-us Thu, 19 Apr 2018 00:00:00 +0530 Sat, 21 Apr 2018 06:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358951 The Tribunal upheld the validity of the reopening of assessment under section 147 of the Income Tax Act, determining that income had escaped assessment due to property ownership by the Trust. It ruled that the income should be assessed in the hands of the beneficiaries, directing individual assessments for each beneficiary. The Tribunal allowed the appeal for statistical purposes, instructing the Assessing Officer to recalculate taxes for each beneficiary's share. The reassessment order was annulled, and the case was remanded for fresh consideration in accordance with the Tribunal's decision. Case-Laws Income Tax Thu, 19 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358951