Trust handling NPAs can’t be held as AOP if there wasn’t concerted efforts by beneficiaries to earn income jointly

INCOME TAX : Assessee-trust set up by Asset Reconstruction Co. (India) in pursuance to SARFAESI Act and RBI Guidelines for purpose of liquidating/recovering NPAs acquired from banks Assessing Officer had held that assessee was an Association of Persons(AOP) and not a trust and brought to tax entire surplus in income and expenditure account

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