https://www.taxtmi.com/caselaws?id=462154 ITAT Mumbai held that assessee's investments in two private limited companies qualified as Venture Capital Undertakings under SEBI regulations, making income exempt under section 10(23FB). The companies were unlisted, conducted business in India, and their activities weren't in the negative list under Schedule III. Additionally, assessee's dividend income from mutual fund units was exempt under section 10(35). The tribunal rejected revenue's argument that claiming exemption under section 10(23FB) precluded exemption under section 10(35), holding these provisions operate independently in different fields. en-us Wed, 27 Mar 2024 00:00:00 +0530 Wed, 28 May 2025 18:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462154 ITAT Mumbai held that assessee's investments in two private limited companies qualified as Venture Capital Undertakings under SEBI regulations, making income exempt under section 10(23FB). The companies were unlisted, conducted business in India, and their activities weren't in the negative list under Schedule III. Additionally, assessee's dividend income from mutual fund units was exempt under section 10(35). The tribunal rejected revenue's argument that claiming exemption under section 10(23FB) precluded exemption under section 10(35), holding these provisions operate independently in different fields. Case-Laws Income Tax Wed, 27 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462154