https://www.taxtmi.com/caselaws?id=395593 A trust holding shares for the sole benefit of a settlor-beneficiary was treated as a representative assessee under sections 160 and 161, so dividend income retained exemption under section 10(34) and could not be recharacterised merely because it passed through the trust. The Assessing Officer was nevertheless entitled to examine the tax consequences of transactions implemented under a court-sanctioned amalgamation scheme, as corporate sanction did not preclude income-tax scrutiny. On the trustees' statements and the allegation of a colourable device, the adverse inference was not sustained because the trust had a genuine legal form and the material relied on was insufficient, including on natural justice grounds for un-confronted statements. en-us Wed, 27 May 2020 00:00:00 +0530 Fri, 29 May 2020 20:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395593 A trust holding shares for the sole benefit of a settlor-beneficiary was treated as a representative assessee under sections 160 and 161, so dividend income retained exemption under section 10(34) and could not be recharacterised merely because it passed through the trust. The Assessing Officer was nevertheless entitled to examine the tax consequences of transactions implemented under a court-sanctioned amalgamation scheme, as corporate sanction did not preclude income-tax scrutiny. On the trustees' statements and the allegation of a colourable device, the adverse inference was not sustained because the trust had a genuine legal form and the material relied on was insufficient, including on natural justice grounds for un-confronted statements. Case-Laws Income Tax Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395593