9911796707
TMI Blog2013 (8) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... essary to take note of facts of one stay application. We, accordingly, are stating the facts, as they appear in S.A no.158/Mum./2013, which is arising out of the assessee's appeal in ITA no.3986/Mum./2013. 2. The assessee, Indian Corporate Loan Securitisation Trust 2008, is a determinate Private Trust settled by a trust deed by IL & FS Trust Co. Ltd. The IL & FS Trust Co. Ltd. is also a trustee of the said assessee trust. The trust was set-up for securitising a loan which was granted by Yes Bank Ltd., to Hindustan Petroleum Corporation Ltd. (HPCL). After the trust was settled, the multiple beneficiaries i.e., various mutual fund contributed to the trust by subscribing to the Pass Through Certificates (PTC) in various series. The beneficiar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rious observations made by the Hon'ble Jurisdictional High Court that the issues involved are quite complex and prima-facie, the assessee has a strong case for grant of stay of the entire demand. He further submitted that first of all, under section 63 r/w section 61 in case of a revocable transfer of asset after the dissolution of the trust, the income shall be chargeable to income tax as the income of the transferor and in such a case the mutual fund beneficiaries at the most can be held to be chargeable to income tax. In such a situation, the tax cannot be levied on mutual fund by virtue of section 10(23D) whereby income of the mutual fund registered under SEBI or regulation made therein are exempted. Thus, no demand can be enforced. Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... favour from all counts and, therefore, the stay should be granted and the hearing of the appeals on merit be taken up at an early date. 4. The learned Departmental Representative, on the other hand, submitted that the learned Commissioner (Appeals) has considered all these submissions / objections of the assessee in a very elaborate manner and, therefore, it cannot be held that the assessee has a prima-facie case for grant of stay. Alternatively, the assessee should be asked to pay some demand. 5. In the rejoinder, the learned Sr. Counsel submitted that the trust is only for the securitisation of the loan and once the loan is liquidated the trust is dissolved and only the beneficiaries are left. The tax cannot be collected from them as ul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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