The assessee is\u00a0 a discretionary trust, which held investments mainly for its beneficiary,\u00a0i.e., Reliance Industrial Investments and Holdings Limited\u00a0( R) . \u00a0Since \u00a0Reliance Industrial Investments and Holdings Limited\u00a0 being a limited company opted to be taxed under the new tax regime under section 115BAA by filing Form 10-IC claiming to be taxed at the rate of 22 per cent plus applicable surcharge and CESS. The assessee being a representative assessee, claimed to be taxed at same rate applicable to its beneficiary. The\u00a0 claim was dismissed as the assessee was not treated as a representative assessee. On appeal, the Commissioner (Appeals) accepted the status of the assessee as a representative assessee and held that since the assessee was a determinate trust with \u2018R\u2019 as its sole and 100 per cent beneficiary and settler and as \u2018R\u2019 had opted to be taxed under the new tax regime at the rate of 22 per cent being a representative assessee under section 161, the assessee was also liable to be taxed at the same rate,\u00a0i.e.,\u00a0at the rate of 22 per cent plus applicable surcharge and cess. Order of CIT(A) is affirmed by the Tribunal . Tribunal followed the Mrs. Amy F. Cama\u00a0v.\u00a0CIT(1999) 237 ITR 82 ( Bom)( HC) . ( AY. 2021 -22)<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 161 : Liability of representative assessee \u2013 A determinate Trust with sole beneficiary is liable to be taxed at same rate as applicable to its beneficiary . [ S.115BAA , Form No -10IC ] <\/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-54376","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-e92","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54376","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=54376"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54376\/revisions"}],"predecessor-version":[{"id":54377,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54376\/revisions\/54377"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=54376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=54376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=54376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}