Income arising from revocable transfer of assets is taxable in hands of transferor, i.e., settler of revocable trust and it is to be clubbed in total income of transferor and not in total income of transferee of assets – Reporter Family Private Trust v. Assessing Officer-ITO (IT), 26(1)(1) – [2024] 160 taxmann.com 459 (Mumbai – Trib.)
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