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2022 (2) TMI 328 - AT - Income TaxTreatment of assessee trust as an Association of Persons (AOP) - as submitted that the assessee trust was set up pursuant to section 7 of SARFAESI Act and RBI guidelines issued thereon. It was specifically submitted that the trust was not created as a smokescreen to evade tax. Hence the assessee trust cannot be construed as an AOP as there is no inter se agreement between the names of the beneficiaries and their shares were known and have remained unchanged - HELD THAT:- We find that the issue in dispute is no longer res integra in view of the decision of this Tribunal in the case of ITO vs ARCIL AARF –I -1 Trust for Asst Year 2013-14 [2021 (9) TMI 1334 - ITAT MUMBAI] wherein this tribunal by placing reliance on its earlier order passed in the case of CIT vs Scheme A1 of ARCIL in [2020 (9) TMI 465 - ITAT MUMBAI] had decided the issue in favour of the assessee wherein as dismissed the appeal with the findings that the assessee was a valid trust. Since it was revocable Trust, the provisions of Sec. 61 to 63 were applicable and the assessee could not be assessed as AOP. The income was to be taxed in the hands of the SR holders. Since the respective shares were known since inception, it could not be considered as indeterminate Trust. Finally the appeal of the revenue was dismissed. - Decided against revenue.
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