Relinquishment of Trusteeship: Why Payout is Taxable as ‘Income From Other Sources’

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‚...