Valid Revocable Trust can not be assessed as AOP 

ITO Vs Arcil Asset Reconstruction Fund II Trust (ITAT Mumbai) ITAT held that appellant was revocable Trust, the provisions of Section 61 to 63 of Income Tax Act, 1961 were applicable and the assessee could not be assessed as AOP. The income was to be taxed in the hands of the SR holders. Since the respective shares were known since inception, it could not be considered as indeterminate Trust. FULL TEXT OF THE ORDER OF ITAT MUMBAI These appeals in ITA Nos.889/Mum/2020 & 887/Mum/2020 for A.Y.2014-15 & 2015-16 arise out of the order by the ld. Commissioner of Income Tax (Appeals)-33, Mumb...