Trust Avoids Maximum Marginal Rate Taxation; ITAT Classifies as AOP or Individual for Favorable Tax Treatment.

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....Denial of exemption u/s 11 & 12 - Assessment of trust - Taxation at Maximum Marginal Rate (MMR) - charging the assessee as per the provisions of section 164(1) or 164(2) - The ITAT concluded that taxing the trust at MMR was incorrect. The tribunal recognized the trust's registration under the Indian Stamp Act and noted its primary activity was the maintenance of a Jain temple, hence benefiting the public at large. The ITAT ruled that since the trust's registration under section 12A was effective from 2022, previous years should be taxed under the provisions applicable to trusts with indeterminate beneficiaries, i.e., as an AOP or individual, which allows for a more favorable tax treatment including basic exemptions.....