Trust being revocable trust, income to be taxed in beneficiaries

Advertisement Arcil CPS 002 XIII Trust Vs ITO (ITAT Mumbai) Assessee trust is a Revocable Trust and contribution by beneficiaries is a revocable transfer. Hence, the income shall be taxed in the hands of the beneficiaries. Facts- The assessee is an AOP in the nature of trust in the business of securitization of debts and processing of such bad debts mainly of bank and sick companies. Assessee filed ROI declaring total income as NIL. The assessee has shown the interest income @ Rs.94,030/- and realization over acquisition cost at Rs.93,45,157/- against which the assessee has claimed expenses...