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4.9. I have carefully considered the facts and circumstances of the case. In this case, the appellant has been formed as a Trust vide agreement dated 07.11.2008 for the purpose of making investments in companies promoting innovation in emerging technologies in India.

I.T.A. No. 3827 /Mum/2015 India Innovation fund The appellant Trust would issue units to various contributors and invest the moneys collected. As per para 2.4 at page 13 of the Trust Deed dated 07.11 .2008, the object arid purpose of the Trust is to raise resources throughthe Fund to make Portfolio Investments. Further, the appellant has entered into variousContribution Agreements with the Investors wherein the Class A Units have been issued and subscribed. I find that all the ingredients that constitute the appellant being a Trust have been satisfied. The appellant is a trust set up under die Indian Trusts Act, 1882 by way of an Indenture of Trust which is registered under the Registration Act, 1908. Merely since the contributors to the trust are the same as the beneficiaries will not prejudice the fact that the appellant is a Trust. 4.10. In the decision of Bangalore ITAT in the case of Mis India Advantage Fund - VII (ITA 178/Bang/2012), the Hon'ble ITAT held that income earned by a fund set up as a revocable trust is to be taxed only in the hands of the beneficiaries as per the provisions of sections 61 to

assume power over the whole or any part of any income or assets to the transferor, i.e., whether directly or indirectly, As per clause 2.9(c)(i)(c) on page 16, the Trust Deed states that the Contributors may Pass a resolution calling for the winding up of the Fund by majority vote. As per clause 2.9(d), in the even of winding up, the remaining proceeds shall be distributed to the Contributors. This shows that the Contributors can revoke the Trust at any time. Hence, it is a revocable Trust which is subject to die provisions of Section 61 to 63 of the Act. As per the provisions of section 61 any I.T.A. No. 3827 /Mum/2015 India Innovation fund income arising from a revocable transfer is chargeable to tax in the hands of' the transferor. Hence. in iic ;rcseii1 ease. I am of the view that the income from contributions made by the beneficiaries of the Trust is taxable only in their hands and not in the hands of the appellant.

4.13. The A.O. was 01' the view that the appellant constitutes an AOP. 1 am of the view that the Trust could not be regarded as an Association of persons (AOP) as the beneficiaries had not set up the trust: they had not come together with the object of carrying on investment in a fund which was the object of the trust; and there was no inter se agreement tent between the beneficiaries of the fund. Thefact that the appellant filed its return of income with status of AOP is a mere technical defect and cannot vitiate the fact of the appellant being a Trust. I am of the view that the appellant is a revocable Trust and the income is taxable in the hand of the contributors / beneficiaries. Hence, no part of' the interest income could be taxed in the hands of the appellant Trust. In view of the above discussion, ground No. 1 of the appeal is allowed.

After analyzing the facts, arguments, and orders passed by revenune authorities, we find that the Ld. CIT(A) was satisfied from the fact that the assessee possessing all the ingredients that I.T.A. No. 3827 /Mum/2015 India Innovation fund constitute the assessee as a trust. The Ld. CIT(A) while coming to the conclusion had relied upon the order passed by Hon'ble ITAT in the case of M/s India Advantage Fund-VII, ITA 178/Bang/2012 wherein it has been held that the income earned by a fund set up as a revocable trust is to be taxed only in the hands of the beneficiaries as per the provisions of section 61 to