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TMI Blog2015 (3) TMI 966X X X X Extracts X X X X X X X X Extracts X X X X ..... a fiduciary capacity and not as owners. The owners of the Trust property were always its beneficiaries and trustees were holding the property and income therefrom for the benefit of beneficiaries and not for themselves. We cannot say that just because two Trusts are having common trustees, they are related concerns. Trust will not fall within the concept of "concern" mentioned in clause (e) of sub-section (3) of Section 13 of the Act. Invocation of Section 13(1), in such a situation, was not at all warranted. CIT(Appeals) was justified holding that assessee was eligible for exemption under Sections 11 and 12 of the Act. We find no reason to interfere with the order of CIT(Appeals). - Decided against revenue. - I.T.A. No. 456/Mds/2012 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rust as AOP. 3. In its appeal before CIT(Appeals), argument of the assessee was that Section 13(1)(c)(ii) could be invoked only when any part of the income was used for the benefit of trustees, or other persons mentioned in Section 13(3) of the Act. As per the assessee, the term concern mentioned in Section 13(3) of the Act did not include another charitable Trust. Sivaraja Ramalinga Trust was a charitable Trust and therefore, any payments made to the said Trust could not be considered as a violation of Section 13(1) of the Act. Reliance was also placed on the decision of co-ordinate Bench of this Tribunal of this Tribunal in the case of Jeppiaar Educational Trust (supra). The CIT(Appeals) was appreciative of these contentions. Accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was a Trust and second is that some of the trustees were common. However, in our opinion, trustees hold the property of the Trust in a fiduciary capacity and not as owners. The owners of the Trust property were always its beneficiaries and trustees were holding the property and income therefrom for the benefit of beneficiaries and not for themselves. We cannot say that just because two Trusts are having common trustees, they are related concerns. Trust will not fall within the concept of concern mentioned in clause (e) of sub-section (3) of Section 13 of the Act. Invocation of Section 13(1), in such a situation, was not at all warranted. CIT(Appeals) was justified in relying on the decision of co-ordinate Bench of this Tribunal in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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