https://www.taxtmi.com/caselaws?id=401937 The court held in favor of the assessee, determining that investments yielding no exempt income should be excluded from the computation under Section 14A of the Income Tax Act. The court also concluded that the private discretionary trust should be assessed as an individual for tax purposes and that the voluntary contributions received should be taxed under Section 56(2)(vii) as income from other sources. The Tribunal's decision was set aside, and the CIT(A)'s order was restored, partly allowing the appeal. en-us Tue, 08 Dec 2020 00:00:00 +0530 Sat, 30 Jan 2021 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401937 The court held in favor of the assessee, determining that investments yielding no exempt income should be excluded from the computation under Section 14A of the Income Tax Act. The court also concluded that the private discretionary trust should be assessed as an individual for tax purposes and that the voluntary contributions received should be taxed under Section 56(2)(vii) as income from other sources. The Tribunal's decision was set aside, and the CIT(A)'s order was restored, partly allowing the appeal. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401937