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Explanation 1 to Sec. These provisions have already been set out in the earlier part of this order and are not being repeated.
The legislative history of the above provisions needs to be examined to find out the object of introduction of the Explanation. This provision has been misused in some cases by giving discretion to the trustees to decide the allocation of the income every year and in other ways. In such a situation, the trustees and beneficiaries are able to manipulate the arrangements in such a manner that a discretionary trust is converted to a specific trust whenever it suits them tax-wise.
In order to prevent such manipulation, it is proposed to provide that unless the beneficiaries and their shares are expressly stated in the order of the Court or the instrument of trust or wakf deed, as the case may be, and are ascertainable as such on the date of such order, instrument or deed, the trust will be regarded as a discretionary trust and assessed accordingly.
If under a settlement any income arises to any other person apart from the settlor such income can still be assessed in the hands of the settlor provided the settlement is revocable.
Even if a settlement on the face of it is stated to be irrevocable, if the same provides for direct or indirect retransfer of income or assets of the settlement to the settlor or gives the settlor a right to resume power directly or indirectly over such income or asset, the settlement should be deemed to be revocable.
There is no definition of the expression AOP occurring in the Act. By a series of decisions, the meaning of this expression was precisely defined and tests were laid down in order to find out when a conglomerate of persons could be held to be an AOP for the purposes of section 3 of the Act.
The Supreme Court, however, administered the following caution: To the above judicial exposition of what constitutes AOP, there has been a statutory rider added. The Finance Act, has inserted w. If income results than they are liable to be taxed as AOP if the other conditions laid down by judicial decisions are satisfied.
A discretionary trust is one which gives a beneficiary no right to any part of the income of the trust property, but vests in the trustees a discretionary power to pay him, or apply for his benefit, such…. By the by, we are very much astonished to observe that the AO has passed a revised assessment order even after knowing that the revision order passed…. Guidelines laid down on how stay applications should be dealt with The assessee, a mutual fund, was a beneficiary of a trust named India Corporate Loan Securitisation Trust which was set up for securitising a loan of Rs.
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