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4. Before us, the ld.counsel for the assessee first of all argued that the assessee's Trust is a revocable trust and it is to be assessed as an AOP at maximum marginal rate as decided by ITAT in assessee's own case for assessment years 2008-09 & 2009-10 in ITA Nos. 2316 & 2317/Mds/2016, order dated 23.03.2017. She stated that the Tribunal held that the Trust being revocable one, the income can only be taxed in the hands of the contributions and not 1469, 1470 /Chny/2017 & 573 & 574/Chny/2020 in the hands of the trustees. She stated that this order of the Tribunal is affirmed by the Hon'ble Jurisdictional High Court in Tax Case Appeal No.122 & 123 of 2019, order dated 11.02.2019, wherein questions raised before Hon'ble Madras High Court and adjudicated reads as under:-

i) Whether the Tribunal was right in conceding that the Assessee Trust was a revocable one entitled to claim status under section 61 when the Trust Deed itself clearly state that as per clause 29 it was an irrevocable Trust which would come to an end only when all the contributors as a whole decide to put an end to it?

ii) Whether the Tribunal was right in treating the Assessee is not a commercial in nature especially when the Assessee has submitted Form 3CB and 3CD complying with the provisions of Section 44AB which would imply that the Assessee is a commercial enterprise?

5. Contra, the ld.CIT-DR Shri M. Murali could not controvert the above arguments when the judgment of Hon'ble Madras High Court was confronted to him. He only relied on the order of CIT(A) and that of the AO.

6. We have heard rival contentions and gone through the facts and circumstances of the case. We noted that the trust is a revocable trust, whether it ought to be assessed as an AOP at maximum marginal rate or beneficiaries are to be taxed. This issue was decided by the Co-ordinate Bench of the Tribunal in assessee's own case for assessment years 2008-09 & 2009-10 in ITA Nos.2316& 2317/Mds/2016 (cited supra), wherein the Tribunal after considering the objects of the trust decided the issue in para 10 as under:-

From the above extracts of the Paper Book, which are extracted from the Trust Deed and the contributor's agreement, it is evident that the assessee is not carrying on any business with commercial motive. The beneficiaries of the trust are identifiable and the shares are determined by contributor's agreement and the contributors are free to call upon the Trust to cancel any units held by them and return the value. Therefore, the trust is revocable trust and squarely covered by section 61 of Income tax act. Accordingly, we hold that Trust is a revocable Trust and the income derived by the assessee required to be taxed in the hands of the beneficiaries in accordance with the provisions of section 61 and 161(1) of income tax act. This view is supported by the decision of the Co-ordinate Bench in the case of DCIT v. India Advantage Fund-VII cited supra relied upon by the assessee. The assessee also filed evidence regarding the admission of income by the beneficiaries in Page Nos.81 to 83 from the contributors ICICI Bank, IL&FS and the HDFC. Therefore, the appeals of the assessee for the A.Ys 2008-09 and 2009-10 are allowed and the orders of the lower authorities are set-aside."