https://www.taxtmi.com/caselaws?id=751277 Kerala HC held that amounts received by trustees for relinquishing their trusteeship positions cannot be treated as capital receipts under the Income Tax Act. The court found trustees lacked authority to relinquish positions for consideration without court permission or beneficiary consent per trust deed provisions. Such consideration must be assessed as individual income under appropriate heads, not capital gains. The court set aside the Tribunal's contrary finding and remanded for fresh assessment. However, the court upheld findings regarding construction payments and donations made to trusts rather than individual trustees. en-us Wed, 03 Apr 2024 00:00:00 +0530 Fri, 25 Oct 2024 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751277 Kerala HC held that amounts received by trustees for relinquishing their trusteeship positions cannot be treated as capital receipts under the Income Tax Act. The court found trustees lacked authority to relinquish positions for consideration without court permission or beneficiary consent per trust deed provisions. Such consideration must be assessed as individual income under appropriate heads, not capital gains. The court set aside the Tribunal's contrary finding and remanded for fresh assessment. However, the court upheld findings regarding construction payments and donations made to trusts rather than individual trustees. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751277