https://www.taxtmi.com/caselaws?id=757527 The ITAT Mumbai held that a representative assessee trust is liable to be taxed at the same rate as its beneficiary under section 115BAA. The assessee, being a determinate trust with RIIHL as sole beneficiary and settler, was entitled to the 22% tax rate plus applicable surcharge and cess that RIIHL had opted for under the new tax regime. The tribunal applied section 161, ruling that tax shall be levied upon a representative assessee in the same manner and extent as applicable to the person represented, distinguishing the case from Mrs. Amy F. Cama where section 161 was found inapplicable. Decision favored the assessee. en-us Fri, 02 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757527 The ITAT Mumbai held that a representative assessee trust is liable to be taxed at the same rate as its beneficiary under section 115BAA. The assessee, being a determinate trust with RIIHL as sole beneficiary and settler, was entitled to the 22% tax rate plus applicable surcharge and cess that RIIHL had opted for under the new tax regime. The tribunal applied section 161, ruling that tax shall be levied upon a representative assessee in the same manner and extent as applicable to the person represented, distinguishing the case from Mrs. Amy F. Cama where section 161 was found inapplicable. Decision favored the assessee. Case-Laws Income Tax Fri, 02 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757527