2019 (2) TMI 1699

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..... ding that activities of the assessee are not commercial in nature even though the assessee has not carried out any activity in the spirit of Trust? - HELD THAT:- As decided in M/S. INDIA ADVANTAGE FUND, M/S. ICICI EMERGING SECTORS, M/S. ICICI ECONET INTERNET TECHNOLOGY FUND [ 2017 (2) TMI 722 - KARNATAKA HIGH COURT] we cannot accept the contention of the Revenue that the shares were non-determi .....

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..... is in Appeal against the order dated 23/12/2015 of the Income Tax Appellate Tribunal (in short the Tribunal ), raising the following questions for our consideration: (i) Whether on the facts and circumstances of the case and in Law, the Hon'ble ITAT erred in holding that the income of the assessee is taxable in the hands of contributors and not in the hands of the AOP? .....

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..... the fact that such a judgment of the Bangaluru was carried in Appeal by the Revenue before the Karnataka High Court in case of Commissioner of Income Tax and Another v/s India Advantage Fund VII reported in (2017) 392 ITR 209 (Karn). The Karnataka High Court had dismissed the Appeal of the Revenue. The High Court in a detailed judgment while dismissing the Appeal of the Revenue had concluded as .....

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