No pass through status to trusts if the beneficiaries are not identified on the date of institution of trust.
By Nidhi Bothra & Vijaylakshmi Agarwal, (finserv@vinodkothari.com) Executive summary This tax update summarises a recent ruling of Chennai Income Tax Appeallate Tribunal (“Chennai ITAT”) in the case of TVS Investments iFund Vs ITO[1] wherein the issue before Chennai ITAT was whether interest income of beneficiaries rolled over to another venture capital fund would be taxed […]