{"id":33056,"date":"2023-02-28T15:12:35","date_gmt":"2023-02-28T09:42:35","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-aam-family-private-trust-mum-trib-www-itatonlline-org\/"},"modified":"2023-02-28T15:12:35","modified_gmt":"2023-02-28T09:42:35","slug":"ito-v-aam-family-private-trust-mum-trib-www-itatonlline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-aam-family-private-trust-mum-trib-www-itatonlline-org\/","title":{"rendered":"ITO v. Aam Family Private Trust ( Mum)( Trib) www.itatonlline .org"},"content":{"rendered":"<p>The assessee is a private discretionary trust. Settlor Mrs Archana Miglani\u00a0 settled moveable assets ( Value of equity shares)\u00a0 in favour of \u00a0the trust . The beneficiaries of the Trust are, self, co- sister in law , Mother in law\u00a0 , children of Mrs Archana &amp; Children of \u00a0Mr Anuj Miglani\u00a0 , Children of Mrs Priyanka &amp; Mrs Ankit\u00a0 Nephew &amp; Nice of Miglani . \u00a0The \u00a0Assessing Officer treated the entire value of moveable assets\u00a0 \u00a0( Value of equity shares)\u00a0 settled by settlor of the Trust\u00a0 , Smt Archana \u00a0Miglani in favour of trust by treating the same as income under section 56(2)(x) of the Act . On appeal the CIT(A) deleted the addition . On appeal by Revenue ,dismissing the appeal of the Revenue the Tribunal held that\u00a0 , the\u00a0 discretionary trust created by \u00a0Smt . Archana Miglani\u00a0 for the benefit of her self , her co -sister in law , mother in law , own children , nephew and niece any sum of money received by the assessee trust \u00a0is not covered under section 52(2)(x) by virtue of the proviso, which reads as under :-<\/p>\n<p>\u201c Provided that this clause shall not apply to any sum of money or any property received .-<\/p>\n<ul>\n<li>to (ix )&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\u00a0(x) from an individual by a trust created or established solely for the benefit of relative of the individuals ;\u201d<\/p>\n<p>\u00a0<\/p>\n<p>Tribunal also held that assessee in this case a pass through entity and it was the settlers money\/ property which is given to the private discretionary trust for benefit of herself\u00a0 and her relatives . Order of CIT(A) is affirmed . \u00a0\u00a0( ITA No. 2829\/Mum\/ 2022 dt 23 -2 -2023 )( AY. 2018 -19 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 56 : Income from other sources \u2013 Relative \u2013 Individual &#8211; Private discretionary trust \u2013 Gift of equity shares to trust \u2013 Trust  crested for the benefit of self and relatives &#8211;   Any sum received without consideration , aggregate value of which exceeds fifty thousand rupees &#8211; Pass through entity \u2013 Provision of section 56(2)(x) is not applicable [ S. 56(2)(x)) ] S. 56 : Income from other sources \u2013 Relative \u2013 Individual &#8211; Private discretionary trust \u2013 Gift of equity shares to trust \u2013 Trust  crested for the benefit of self and relatives &#8211;   Any sum received without consideration , aggregate value of which exceeds fifty thousand rupees &#8211; Pass through entity \u2013 Provision of section 56(2)(x) is not applicable [ S. 56(2)(x)) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-33056","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8Ba","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=33056"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33056\/revisions"}],"predecessor-version":[{"id":33057,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33056\/revisions\/33057"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}