CIT v. Shree Krishna Bandar Trust

247 ITR 1High Court2001#5013 most cited

What is CIT v. Shree Krishna Bandar Trust authority for?

An Assessing Officer can rectify a mistake apparent from the record under Section 154 if the assessee is erroneously taxed at individual rates when it should have been taxed as an AOP.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Shree Krishna Bandar Trust · Section 154 · rectification · mistake apparent from record · AOP taxation · individual tax rates

Sections most often in play

Section 143(1)Section 160Section 164Section 167BSection 2(29C)Section 250Section 4

Judgments citing CIT v. Shree Krishna Bandar Trust

Seth Walchand Hirachand Memorial Trust, Mumbai vs. ITO (E) II(1), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be Allowed

ITA 4852/MUM/2016[2010-11]Status: DisposedITAT Mumbai29 Mar 2017AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Amarjit Singh, Jm

For Appellant: Ms. Vaibhavi PatelFor Respondent: Shri M. C. Omi Ningshan
Section 10(33)Section 11Section 11(1)(a)Section 12ASection 142(1)Section 143(2)

…red to dispose of the shares under the said proviso by March 31, 1995 (see the judgment of this court in I. T. A. No. 81 of 1999, decided on September 14, 2000--Director of Income-tax (Exemptions) v. Shardaben Bhagubhai Mafatlal Public Charitable Trust [2001] 247 ITR 1). The shares have not been disposed of even during the assessment year in question. Now, under Section 164(2) it is, inter alia, laid down that in the case of relevant income which is derived from property held under trust for charitable purposes, which is of the nature referred to in Section 11(4A), tax shall be charged on so much of the relevant…

ITO 19(3)(2), Mumbai vs. Indian Corporate Loan Securitization Trust 2008 Series 14I, Mumbai

In the result, Revenue’s appeal for A

ITA 4343/MUM/2013[2009-10]Status: DisposedITAT Mumbai17 Feb 2017AY 2009-10

Bench: Shri Jason P. Boaz & Shri Sandeep Goasinindian Corporate Loan Securitisation Income Tax Officer-9(3)(2) Trust- 2008 Series 14 Mumbai C/O. Il & Fs Trust Co. Ltd. Vs. 10Th Floor, “G” Block, Bkc Bandra (E), Mumbai 400051 Pan – Aaati6786P Appellant Respondent Income Tax Officer-(23)1)(2) Indian Corporate Loan [Erstwhile Ito-19(3)(2)] Securitisation Trust- 2008 Series 14 Room No. 108, Matru Mandir Vs. C/O. Il & Fs Trust Co. Ltd. Tardeo Road, Grant Road 10Th Floor, “G” Block, Bkc Mumbai 400007 Bandra (E), Mumbai 400051 Pan – Aaati6786P Appellant Respondent

For Appellant: Shri S.E. Dastur &For Respondent: Shri P.C. Chhotaray

…tes the validity of the trust. If a valid trust is not in existence, then the entire securitization scheme would fail. (iv) A trust cannot be regarded as an AOP, as held by the Jurisdictional High Court in the case of: (l) DIT vs. Shardaben Bhagubhai Mafatlal 247 ITR 1 (Bom.), L R. Patel Family Trust vs. ITO 262 ITR 520 (Bom.) and CIT vs. Marsons Beneficiary Trust 188 ITR 224 (Bom.) 6.5.4 Therefore, the contention of the assessee is that it is a valid trust and since it has complied with all the required statutory approvals and procedures, it cannot be considered as an invalid trust, for income tax purposes. 6.6.…

Asst CIT (E) I(1), Mumbai vs. Jamshetjee Tata Trust, Mumbai

ITA 3807/MUM/2015[2011-12]Status: DisposedITAT Mumbai04 Feb 2016AY 2011-12
For Appellant: Shri Dilip J. ThakkarFor Respondent: Shri Alok Johri-DR
Section 10(34)Section 11Section 11aSection 13(1)(d)Section 143(3)Section 164(2)Section 254(1)

…red to dispose of the shares under the said proviso by March 31, 1995 (see the judgment of this court in I. T. A. No. 81 of 1999, decided on September 14, 2000--Director of Income-tax (Exemptions) v. Shardaben Bhagubhai Mafatlal Public Charitable Trust [2001] 247 ITR 1). The shares have not been disposed of even during the assessment year in question. Now, under Section 164(2) it is, inter alia, laid down that in the case of relevant income which is derived from property held under trust for charitable purposes, which is of the nature referred to in Section 11(4A), tax shall be charged on so much of the relevant…