https://www.taxtmi.com/caselaws?id=385998 The Tribunal ruled that the Trust should not be treated as an Association of Persons (AOP) and that the income should be taxed in the hands of the beneficiaries, not the Trust. The beneficiaries' shares were found to be determinate and known. The Trust was considered a revocable trust, and its income/loss should be included in the total income of the Security Receipt holders. Additionally, the Tribunal allowed the deduction of the purchase consideration for acquired NPAs and followed RBI guidelines on revenue recognition. The appeals of the assessee were partly allowed, while those of the revenue were dismissed. en-us Wed, 04 Sep 2019 00:00:00 +0530 Tue, 17 Sep 2019 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385998 The Tribunal ruled that the Trust should not be treated as an Association of Persons (AOP) and that the income should be taxed in the hands of the beneficiaries, not the Trust. The beneficiaries' shares were found to be determinate and known. The Trust was considered a revocable trust, and its income/loss should be included in the total income of the Security Receipt holders. Additionally, the Tribunal allowed the deduction of the purchase consideration for acquired NPAs and followed RBI guidelines on revenue recognition. The appeals of the assessee were partly allowed, while those of the revenue were dismissed. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385998