This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Relinquishment of Trusteeship: Why Payout is Taxable as ‘Income From Other Sources’
Case Law Details
- Case Name
- Reena Jose Vs DCIT (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Cochin
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Reena Jose Vs DCIT (ITAT Cochin)
Taxability of Amount Received on Relinquishment of Trusteeship – Trusteeship Surrender Isn’t Capital Gain – ITAT Says Payout Taxable as ‘Other Sources
This case involved members of three related families who were lifetime trustees of Carmel Educational Trust, running engineering and management colleges. Due to internal disputes, the trustees entered into an agreement dated 10.03.2009 with Believers Church, under which:
All existing trustees resigned en bloc,
New trustees nominated by Believers Church were inducted,
Believers Church agreed to pay â‚...
Author Info
