https://www.taxtmi.com/caselaws?id=365574 An assessment order allowing exemption for a SEBI-registered venture capital fund under section 10(23FB) was held not revisable under section 263 where the Assessing Officer had made detailed enquiries and adopted a possible view. The Tribunal accepted that the pass-through regime taxed the income in the hands of unitholders under section 115U, so the Revenue could not show real prejudice. Allegations of non-compliance with SEBI regulations, including investments in mutual funds and real estate-related assets, were rejected because the applicable negative list had changed and no violation had been established by SEBI. The revisional order was therefore invalid and the exemption claim stood. en-us Fri, 10 Aug 2018 00:00:00 +0530 Mon, 20 Aug 2018 07:59:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365574 An assessment order allowing exemption for a SEBI-registered venture capital fund under section 10(23FB) was held not revisable under section 263 where the Assessing Officer had made detailed enquiries and adopted a possible view. The Tribunal accepted that the pass-through regime taxed the income in the hands of unitholders under section 115U, so the Revenue could not show real prejudice. Allegations of non-compliance with SEBI regulations, including investments in mutual funds and real estate-related assets, were rejected because the applicable negative list had changed and no violation had been established by SEBI. The revisional order was therefore invalid and the exemption claim stood. Case-Laws Income Tax Fri, 10 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365574