https://www.taxtmi.com/caselaws?id=456854 ITAT Mumbai held that denial of exemption under section 10(23FB) was unwarranted where assessee trust maintained valid SEBI registration as venture capital fund without adverse findings from SEBI regarding regulatory violations. AO's interpretation of corpus definition and investment restrictions was incorrect. Since assessee qualified for section 10(23FB) exemption, subsequent denials under sections 10(34) and 10(35) were also set aside. Interest under section 234B was not leviable as entire income was exempt. Appeal allowed in favor of assessee. en-us Tue, 20 Aug 2019 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456854 ITAT Mumbai held that denial of exemption under section 10(23FB) was unwarranted where assessee trust maintained valid SEBI registration as venture capital fund without adverse findings from SEBI regarding regulatory violations. AO's interpretation of corpus definition and investment restrictions was incorrect. Since assessee qualified for section 10(23FB) exemption, subsequent denials under sections 10(34) and 10(35) were also set aside. Interest under section 234B was not leviable as entire income was exempt. Appeal allowed in favor of assessee. Case-Laws Income Tax Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456854