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SARFAESI Trust Income Taxable in Hands of SR Holders as Trust Was Revocable: ITAT Mumbai
Case Law Details
- Case Name
- ITO Vs Arcil Retail Loan Portfolio-001-H Trust (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Arcil Retail Loan Portfolio-001-H Trust (ITAT Mumbai)
In this case before the Income Tax Appellate Tribunal, the Revenue challenged the order of the Commissioner of Income Tax (Appeals), NFAC, Delhi, for Assessment Year 2016-17. The dispute concerned the taxability of income earned by a trust created by Asset Reconstruction Company India Ltd. (ARCIL) for reconstruction and recovery of non-performing assets (NPAs) under the SARFAESI Act, 2002.
The assessee trust was constituted pursuant to the SARFAESI Act and RBI guidelines. ARCIL, registered with RBI as a securitisatio...
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