Alerts & Updates 10th Dec 2021
Dear Reader,
The Income-tax Appellate Tribunal, Mumbai in its recent ruling held that the gift of brand to the corpus of a private irrevocable trust is a non-taxable capital receipt, as it formed part of its profit-making apparatus.
Additionally, it was held that the brand received by the trust neither carried any element of profit, nor does it fall under any category of income specified under Section 2(24) or Section 56(2) or Section 56(1) of the Income-tax Act, 1961.
Our update provides a detailed analysis of this important judgement.
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