ST leviable on Venture Capital Funds established as trust amp; rendering portfolio management services to non-contributors

EXCISE/ST/VAT : Where Venture Capital Funds (VCFs) established as trust were managing funds of contributors and thereby rendering service to contributors in view of fact that they had violated principles of mutuality by concerning themselves in commercial activities and had discretion over distribution of dividend/profit to entities other than subscribers, they could no longer be treated as trusts for purposes of taxation statutes and thus,

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