Karnataka H.C : The assessee trust cannot be assessed as on AOP even though the requirements of section 164(1) were not met, inasmuch as the shares of the beneficiaries were indeterminate/unknown and hence the assessing officer was justified in invoking the provisions of section 164(1) of the Act and make the assessee liable to be assessed at the maximum marginal rate in the status of AOP. Hence, it is not relevant whether the necessary ingredients for formation of an AOP are fulfilled by the assessee or not
High Court Of Karnataka CIT, Bengaluru vs. India Advantage Fund-Vii Section : 164 Assessment Years : 2008-09 And 2009-10 Jayant […]
