https://www.taxtmi.com/caselaws?id=400121 The Court allowed the appeal, ruling in favor of the assessee. It determined that only income received or deemed to be received by beneficiaries is taxable, not the entire trust income in the hands of the representative assessee. The judgment emphasized the need for taxation to reflect beneficiaries' actual or deemed receipt of income, ensuring compliance with Sections 160 and 164. The Court also acknowledged the beneficiaries' tax compliance and excluded income assigned to another trust. Corresponding expenditure was allowed, ensuring a balanced approach to income and expenditure distribution. The Tribunal's decision was overturned based on these legal interpretations. en-us Mon, 28 Sep 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400121 The Court allowed the appeal, ruling in favor of the assessee. It determined that only income received or deemed to be received by beneficiaries is taxable, not the entire trust income in the hands of the representative assessee. The judgment emphasized the need for taxation to reflect beneficiaries' actual or deemed receipt of income, ensuring compliance with Sections 160 and 164. The Court also acknowledged the beneficiaries' tax compliance and excluded income assigned to another trust. Corresponding expenditure was allowed, ensuring a balanced approach to income and expenditure distribution. The Tribunal's decision was overturned based on these legal interpretations. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400121