https://www.taxtmi.com/caselaws?id=448391 The ITAT Mumbai dismissed the revenue's appeal regarding denial of exemption under section 10(23D) to an offshore fund scheme. The AO had denied exemption claiming lack of separate SEBI registration certificate. The ITAT held that the assessee, originally launched under UTI Act 1963 for non-resident investments, was transferred to UTI Mutual Fund under Schedule II of the Repeal Act 2002. Since the scheme was listed as SEBI-approved under Schedule II (Sr. No. 37), separate SEBI registration was unnecessary. The tribunal found the AO's requirement for separate registration uncalled for and upheld the CIT(A)'s decision allowing the exemption. en-us Fri, 24 Nov 2023 00:00:00 +0530 Thu, 18 Jan 2024 08:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448391 The ITAT Mumbai dismissed the revenue's appeal regarding denial of exemption under section 10(23D) to an offshore fund scheme. The AO had denied exemption claiming lack of separate SEBI registration certificate. The ITAT held that the assessee, originally launched under UTI Act 1963 for non-resident investments, was transferred to UTI Mutual Fund under Schedule II of the Repeal Act 2002. Since the scheme was listed as SEBI-approved under Schedule II (Sr. No. 37), separate SEBI registration was unnecessary. The tribunal found the AO's requirement for separate registration uncalled for and upheld the CIT(A)'s decision allowing the exemption. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448391