Trust amounts to Association of Person u/s 40(b) of Income Tax Act: Bombay HC [Read Order]
The court held that the order passed by the Assessing Officer as well as the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal is based on meticulous appreciation of evidence.
The Bombay High Court ruled that the appellant trust qualified as an association of persons under Section 40(b) of the Income Tax Act, 1961, and upheld the disallowance of interest paid to beneficiaries. Income Tax SCN on Variations Issued without Providing time to respond: Calcutta HC Grants time to All India Trinamool Congress [Read Order]…
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