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TMI Blog2018 (2) TMI 2004X X X X Extracts X X X X X X X X Extracts X X X X ..... LD THAT:- A perusal of the order of the Tribunal in own case clearly shows that in the case of the assessee, the Tribunal has given a categorical finding that the assessee is a determinate trust - Tribunal has restored the issue in respect of the correct income that is liable to be taxed to the file of the AO. This being so, it is noticed that the issues on which the penalty has been levied, no mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e against the Order of the Commissioner of Income Tax (Appeals)-4, Chennai, in ITA No.67/2016-17/AY 2010-11/CIT(A)-4 dated 11.07.2017 for the AY 201011 against the cancellation of penalty levied u/s.271(1)(c) and CO No.1/Chny/2018 filed by the assessee in ITA No.2443/Chny/2017 for the AY 2009-10 CO No.2/Chny/2018 filed by the assessee in ITA No.2444/Chny/2017 for the AY 2010-11. 2. Shri Saile ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contribution agreement(PPM) and their shares are also ascertainable with respect to contributions and the units. The Hon ble High court considered the issue regarding identification of beneficiaries at the time of formation of the Trust and expressed view that even after execution of the trust deed if the beneficiaries are identifiable and their shares are ascertainable it is sufficient compliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame was liable to be upheld. 6. In reply, the Ld.DR vehemently supported the order of the AO. It was a submission that the issue of the taxability of the correct interest income, the issue had been restored to the AO by the Tribunal. 7. We have considered the rival submissions. 8. As it is noticed that the penalty has been levied on the assessee on account of the conclusion of the AO that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue are dismissed. 9. It was submitted by the Ld.AR that the Cross-Objections filed by the assessee are in support of the order of the Ld.CIT(A). As we have already upheld the order of the Ld.CIT(A), the Cross-Objections filed by the assessee no more survive and consequently, the same are disposed off as infructuous. 10. In the result, the appeals filed by the Revenue in ITA Nos.244 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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