Securitisation trust are revocable within meaning of section 63 of Income Tax Act

ITO Vs Arcil Retail (ITAT Mumbai) ITAT Mumbai held that securitisation trusts, cannot be assessed as an AOP, are revocable within the meaning of section 63 of the Income Tax Act and hence income is not taxable in the hands of trust. Accordingly, the appeal of the revenue is dismissed. Facts- During the course of assessment proceedings, AO noted that the assessee was constituted as a trust by Asset Reconstruction Company (India) Ltd. (ARCIL) pursuant to the provisions of the SARFAESI Act, 2002 and RBI Guidelines, for the purpose of acquisition and resolution of Non-Performing Assets. Funds wer...