Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
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Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Section 10(23FB) exemption is available to a venture capital fund registered as a trust where it operates separately auditable contributory schemes; each scheme need not obtain separate SEBI registration, although its private placement memorandum must be submitted. For the associated-company test, trustees' shares count only when held personally, not when held fiduciary on the Fund's behalf, so fiduciary holdings do not count toward the 15% threshold. A valid, uncancelled SEBI registration establishes the fund's statutory status; absent regulatory action over VCF Regulation breaches, the Income-tax Department cannot independently rely on alleged breaches to deny exemption. The Revenue's appeal was dismissed and the exemption sustained.
Section 10(23FB) exemption is available to a venture capital fund registered as a trust where it operates separately auditable contributory schemes; each scheme need not obtain separate SEBI registration, although its private placement memorandum must be submitted. For the associated-company test, trustees' shares count only when held personally, not when held fiduciary on the Fund's behalf, so fiduciary holdings do not count toward the 15% threshold. A valid, uncancelled SEBI registration establishes the fund's statutory status; absent regulatory action over VCF Regulation breaches, the Income-tax Department cannot independently rely on alleged breaches to deny exemption. The Revenue's appeal was dismissed and the exemption sustained.
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