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        Case ID :
        Income Tax

        Exemption under section 10(23FBA) read with section 115UB was...

        AIF scheme exemption and indexation: scheme level pass through exemption upheld; indexation difference not taxable as business income.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Exemption under section 10(23FBA) read with section 115UB was permitted where a scheme floated under a SEBI registered Category II AIF trust held a separate PAN; the existence of SEBI registration in the trust's PAN alone does not defeat scheme level exemption, so the addition under section 10(23FBA) was deleted. Separately, the difference between book surplus and amounts distributed to investors was held to reflect statutory indexation on long term capital gains from unlisted equity and not independent business income; accordingly the Assessing Officer's taxation of that difference as business income was deleted and the ground allowing indexation was accepted.
                                Note: It is a system-generated summary and is for quick reference only.
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