Income of a Revocable Trust is Taxable in the Hands of Contributors

ITO Vs ARCIL SBPS 024 I Trust (ITAT Mumbai) ITAT observed that Ld.CIT(A) has dealt with the issue in detail and gave a clear finding that assessee is a revocable trust and not an AOP. In view of the provisions of section 61, 62 and 63 of the Act, it was held that income is not taxable in the hands of the assessee but the same is taxable in the hands of the contributors. FULL TEXT OF THE ORDER OF ITAT MUMBAI 1. This appeal is filed by the revenue against the order of the Learned Commissioner of Income Tax (Appeals) – 33, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 30.01.2020 for the A...