Section 56(2)(x) not attracted to trust created for benefit of members/relative of settler identified as beneficiaries

ITO Vs Aam Family Private Trust (ITAT Mumbai) ITAT Mumbai held that provisions contained in section 56(2)(x) of the Income Tax Act are not attracted in case of the trust created for the benefit of the members / relatives of the settler who have been identified as beneficiaries. Facts- The assessee is a private discretionary trust created by registered trust deed dated 22/12/2017 has filed its return of income which was subjected to scrutiny. The Assessing Officer framed the assessment under section 143(3) read with sections 143(3A) & 143(3B) of the Act at the total income of Rs.9,04,96,847...