https://www.taxtmi.com/caselaws?id=409374 The text addresses whether venture capital funds structured as trusts are taxable for provision of portfolio/asset management services. It applies the doctrine of mutuality and finds these trusts possess a distinct commercial personality; consequently mutuality does not exempt them from service tax, and consideration such as carried interest and performance fees is includible in gross consideration and taxable. The trusts failure to register, pay tax and file returns supports imposition of penalties and invocation of extended limitation where material facts were not voluntarily disclosed. The matter is remanded for adjudication to verify accounting claims, CENVAT admissibility and cum-duty benefits with documentary proof. en-us Thu, 01 Jul 2021 00:00:00 +0530 Sat, 11 Apr 2026 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409374 The text addresses whether venture capital funds structured as trusts are taxable for provision of portfolio/asset management services. It applies the doctrine of mutuality and finds these trusts possess a distinct commercial personality; consequently mutuality does not exempt them from service tax, and consideration such as carried interest and performance fees is includible in gross consideration and taxable. The trusts failure to register, pay tax and file returns supports imposition of penalties and invocation of extended limitation where material facts were not voluntarily disclosed. The matter is remanded for adjudication to verify accounting claims, CENVAT admissibility and cum-duty benefits with documentary proof. Case-Laws Service Tax Thu, 01 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409374