Case Law Details
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, Mumbai in appeal No.33/10753/2016-17 & 33/10394/2017-18 dated 27/11/2019 & 20/11/2019 respectively (ld. CIT(A) in short) against the order of assessment passed u/s.143(3)of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 22/12/2016 & 18/12/2017 respectively by the ld. Income Tax Officer-21(1)(2) / 21(1)(4), Mumbai (hereinafter referred to as ld. AO).
Identical issues are involved in both these appeals and hence they are taken up together and disposed of by this common order for the sake of convenience.
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