2018 (11) TMI 1806

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....mon order.   2. Sh. R. Vijayaraghavan, the Ld.counsel for the assessee, submitted that in the assessee's own case for assessment years 2009-10 and 2010-11, this Tribunal found that the assessee-Fund is a determinate trust and income of the trust has to be assessed only in the hands of the beneficiaries. According to the Ld. counsel, this Tribunal placed its reliance on the judgment of Karnataka High Court in India Advantage Fund (2017) 78 taxmann.com 301. Referring to the interest income, the Ld.counsel submitted that there was a confusion in the mind of the Assessing Officer while giving effect to the order of this Tribunal for the assessment years 2009-10 and 2010-11. Therefore, the assessee had filed Miscellaneous Petition bef....

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....nly in the hands of the beneficiaries. This finding of the Tribunal in the assessee's own case for assessment years 2009-10 and 2010-11 attains finality. In fact, this Tribunal for assessment years 2009-10 and 2010-11 in I.T.A. Nos.981 & 982/Mds/2016 has observed as follows:- "6.7 In the instant case, the assessee has created a trust which was registered and the beneficiaries have been identified by the 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 identif....

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.... in saying that in case the income is not admitted / incorrectly admitted, it has to be assessed in the hands of the assessee. This Tribunal is of the considered opinion that whether the income is admitted by the respective beneficiaries or not, since pass through status was given to the assessee-Fund, the entire income has to be assessed only in the hands of the beneficiaries and not in the hands of the trust / Fund. The order of this Tribunal is modified / clarified accordingly. 9. In the result, both the Miscellaneous Petitions filed by the assessee are allowed." 6. In view of the above order of the co-ordinate Bench of this Tribunal, this Tribunal is unable to uphold the orders of both the authorities below. Therefore, as held by thi....