https://www.taxtmi.com/caselaws?id=398511 The Madras High Court upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of the assessee's entitlement to exemption under Section 10(23FB) of the Income Tax Act, 1961. Despite the Security Transaction Tax (STT) liability being borne by the Venture Capital Fund, the assessee, as an individual and Director of a Public Limited Company, was deemed eligible for exemption on Long Term Capital Gain (LTCG) received from the ICICI Emerging Sector Fund. The Court dismissed the Revenue's appeal, affirming the Tribunal's interpretation of the relevant provisions and factual findings, without awarding costs. en-us Fri, 11 Sep 2020 00:00:00 +0530 Thu, 24 Dec 2020 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398511 The Madras High Court upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of the assessee's entitlement to exemption under Section 10(23FB) of the Income Tax Act, 1961. Despite the Security Transaction Tax (STT) liability being borne by the Venture Capital Fund, the assessee, as an individual and Director of a Public Limited Company, was deemed eligible for exemption on Long Term Capital Gain (LTCG) received from the ICICI Emerging Sector Fund. The Court dismissed the Revenue's appeal, affirming the Tribunal's interpretation of the relevant provisions and factual findings, without awarding costs. Case-Laws Income Tax Fri, 11 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398511