During year the year under consideration, assessee, a revocable private trust, purchased units of mutual funds. A notice under section 148 was issued upon assessee for reopening proceedings which was returned unserved.\u00a0 Thereafter, a show cause notice was issued by Assessing Officer which was also not served\/responded by assessee. Accordingly, he made an addition on account of purchase of mutual funds. Commissioner (Appeals) upheld additions. On appeal the Tribunal held that assessee was a revocable trust settled by Mr. Burjor\u00a0 Hormosiji\u00a0 and\u00a0 Mrs Aloo Burjor. It had purchased units of mutual funds and capital gain on mutual funds had already been offered to tax in income tax return of settler.Therefore\u00a0 income or any source of investment in mutual funds is\u00a0 taxable in hands of settler and not in hands of assessee trust. Addition is\u00a0 to be deleted. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 61 : Revocable transfer of assets-Trust-Settlor-Income arising from revocable transfer of assets is taxable in hands of transferor, i.e., settler of revocable trust and it is to be clubbed in total income of transferor and not in total income of transferee of assets-Addition is deleted. [S. 62 63, 148] <\/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-48720","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cFO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48720","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=48720"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48720\/revisions"}],"predecessor-version":[{"id":48721,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48720\/revisions\/48721"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}