Bombay High Court Quashes Demand Against Mutual Fund Under Section 177(3) of Income Tax Act — Holds That Beneficiaries of Securitization Trust Are Not Liable for Trust's Tax Demand. Section 177(3) of Income Tax Act, 1961 does not impose joint and several liability on beneficiaries of a securitization trust for the trust's tax dues when the trust is assessed as a separate entity and the beneficiary holds only pass-through certificates....
The petitioner, UTI Mutual Fund, is a registered mutual fund under SEBI regulations. It invested in a securitization trust called Indian Corporate Loan Securitization Trust 2008 Series 24 by subscribi...




