https://www.taxtmi.com/caselaws?id=757268 The ITAT Ahmedabad held that a discretionary trust's income is taxable at maximum marginal rate under Section 164(1) as beneficiaries' shares were indeterminate in the will. However, the tribunal ruled that deductions under Sections 80C and 80TTA cannot be denied since all beneficiaries are individuals, and the deeming fiction for AOP taxation doesn't extend to denying individual deductions. The AO was directed to allow TDS credit and verify claimed deductions after proper verification. The assessee's appeal was partly allowed. en-us Fri, 16 Aug 2024 00:00:00 +0530 Tue, 20 Aug 2024 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757268 The ITAT Ahmedabad held that a discretionary trust's income is taxable at maximum marginal rate under Section 164(1) as beneficiaries' shares were indeterminate in the will. However, the tribunal ruled that deductions under Sections 80C and 80TTA cannot be denied since all beneficiaries are individuals, and the deeming fiction for AOP taxation doesn't extend to denying individual deductions. The AO was directed to allow TDS credit and verify claimed deductions after proper verification. The assessee's appeal was partly allowed. Case-Laws Income Tax Fri, 16 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757268