https://www.taxtmi.com/caselaws?id=410626 The ITAT ruled in favor of the assessee, upholding the exemption u/s. 10(34) for the dividend income earned by the trust. The decision was based on the interpretation that income exempt under Section 10 cannot be taxed by applying Sections 11 and 13, as supported by relevant judgments, including one from the Hon'ble Bombay High Court. The ITAT found the AO's denial of exemption u/s. 10(34) unjustified and dismissed the Revenue's appeal. en-us Tue, 20 Jul 2021 00:00:00 +0530 Fri, 06 Aug 2021 09:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410626 The ITAT ruled in favor of the assessee, upholding the exemption u/s. 10(34) for the dividend income earned by the trust. The decision was based on the interpretation that income exempt under Section 10 cannot be taxed by applying Sections 11 and 13, as supported by relevant judgments, including one from the Hon'ble Bombay High Court. The ITAT found the AO's denial of exemption u/s. 10(34) unjustified and dismissed the Revenue's appeal. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410626