TaxTMI 
TaxTMI 
2022 (9) TMI 309
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..... Aravind, learned Senior Standing Advocate for the Revenue, in our view only the following question arises for consideration: Whether the Income Tax Appellate Tribunal erred in law in not appreciating that the income has been offered in the hands of the Beneficiary Trusts and applicable taxes have been paid by the respective Trusts and consequently taxing the amounts which has already been taxed again in the hands of the appellant amounts to double taxation on the facts and circumstances of the case? 3. Brief facts of the case are, assessee was an employee with M/s. Lintas India (P) Ltd. The said Company had formed several Trusts in which assessee is a beneficiary. The respective Trusts were assessed to tax and the said Trusts have paid....
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.... of the Act. In substance, his argument is, the income of the Trust can be taxed only once either in the hands of Trustees or the beneficiary. In support of this contention, he has placed reliance on: * Circular No.157 [F.NO.228/8/73-IT(A-II)] dated 26.12.1974; and * Order dated February 19, 2018 in ITA No.2919/Del./2011 passed by the ITAT, New Delhi for the very same A.Y. 2008-09 in respect of the very same Trust in the case of other beneficiaries. 6. Shri. Aravind, opposing the appeal submitted that the Assessing Officer has exercised his option to assess the income under Section 56(2) of the Act and the ITAT has directed to classify tax under various heads and therefore, there is no error in the order passed by the Assessing Officer....