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TMI Blog2018 (11) TMI 1806X X X X Extracts X X X X X X X X Extracts X X X X ..... beneficiaries have been identified by the contribution agreement (PPM) and their shares are also ascertainable with respect to contributions and the units. Assessee s Trust is a determinate trust and the appeal of the assessee is on this issue is allowed. In respect of interest income irrespective of the fact it was admitted by the beneficiaries or not, a pass through status was given to the assessee. Hence, the entire income of the assessee-Fund has to be assessed only in the hands of the beneficiaries and not in the hands of the assessee-Fund / trust. - ITA Nos.344, 345, 346 & 347/Chny/2018 - - - Dated:- 15-11-2018 - Shri N.R.S. Ganesan, Judicial Member And Shri A. Mohan Alankamony, Accountant Member Appellant by: Sh. R. Vij ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Tribunal for assessment years 2009-10 and 2010-11, according to the Ld. counsel, the CIT(Appeals) is not justified in confirming the order of the Assessing Officer. 3. We heard Ms. D. Kumutha, the Ld. Departmental Representative also. According to the Ld. D.R., the beneficiaries did not offer the interest income for taxation. However, they had adjusted against the expenditure relating to dividend. According to the Ld. D.R., the CIT(Appeals) by placing reliance on the remand report submitted by the Assessing Officer, found that the status as a representative assessee is restricted only in respect of the income earned from Venture Capital Fund. Therefore, according to the Ld. D.R., the concept cannot be extended in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Hon'ble ITAT Bangalore squarely applies in this case. Respectfully following the decision of the co-ordinate Bench of Bangalore and Hon'ble Karnataka High Court Supra we hold that the assessee s Trust is a determinate trust and the appeal of the assessee is on this issue is allowed. 5. In respect of interest income, it appears there was a confusion and the assessee filed a Miscellaneous Petition before this Tribunal in M.P. Nos.310 311/Chny/2017. This Tribunal by an order dated 04.04.2018 has observed as follows at paras 8 9:- 8. Since the details of the income and expenditure is not available in the Profit Loss account or in the document filed before this Tribunal, this Tribunal remitted back the matter to the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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