https://www.taxtmi.com/caselaws?id=450757 Income arising from a revocable transfer of assets is taxable in the hands of the transferor/settlor, not the revocable trust, because the trust deed permits revocation and reinvestment in the settlor; consequence: such income must be clubbed with the settlors total income and cannot be taxed again in the hands of the trust. Where the settlor has already offered and returned the capital gain, taxing the same income in the trust is arbitrary and impermissible. The assessment officer should have determined taxability in the settlor before treating the trust as taxable on that income. en-us Fri, 08 Mar 2024 00:00:00 +0530 Tue, 27 Jan 2026 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450757 Income arising from a revocable transfer of assets is taxable in the hands of the transferor/settlor, not the revocable trust, because the trust deed permits revocation and reinvestment in the settlor; consequence: such income must be clubbed with the settlors total income and cannot be taxed again in the hands of the trust. Where the settlor has already offered and returned the capital gain, taxing the same income in the trust is arbitrary and impermissible. The assessment officer should have determined taxability in the settlor before treating the trust as taxable on that income. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450757