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2019 (2) TMI 1699 - HC - Income TaxAssessment of trust - Applicability of provisions of Sec.164(1) - whether the assessee trust cannot be assessed as on AOP? - ITAT held that the income of the assessee is taxable in the hands of contributors and not in the hands of the AOP - whether ITAT erred in holding 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-determinable or the view taken by the Tribunal is perverse. On the contrary, we do find that the view taken by the Tribunal is correct and would not call for interference so far as determinability of the shares of the beneficiaries are concerned. Once the shares of the beneficiaries are found to be determinable, the income is to be taxed of that respective sharer or the beneficiaries in the hands of the beneficiary and not in the hands of the trustees which has already been shown in the present case - Decided against revenue
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