COMMISSIONER OF INCOME TAX Vs. RANGANATHAR AND CO

JUDGEMENT

(1.) THESE appeals are filed under Section 260a of the Income Tax Act, 1961 by the Revenue, against the order of the Income-tax Appellate Tribunal, Bench "smc-III (D)", Chennai in I. T. A. Nos. 1006 and 1007/mds/2005 dated 16. 11. 2005 raising the following common substantial question of law:-

(2.) THE facts leading to the above substantial question of law are as under:

(3.) LEARNED Senior Standing Counsel appearing for the Revenue submitted that the members of the AOP assessee and Trustees of the alleged Trust are one and the same and the income of the Trust is enjoyed by the members of the AOP assessee only. Further it is stated that the alleged Trust was not a genuine one and also the AOP assessee itself have availed benefit under the scheme of KVSS and paid tax arrears for earlier years, wherein it preferred to club the income of Sri Balaji Trust with the income of the assessee from the assessment year 1987-88 onwards. Hence the Assessing Officer is right in clubbing the income of Sri Balaji Trust with that of the assessee's income.