https://www.taxtmi.com/caselaws?id=776161 The ITAT Mumbai upheld the CIT(A)'s order allowing the assessee's claim of loss exemption under section 10(35). The AO's disallowance based on alleged accommodation entries and manipulation by the mutual fund was rejected. The tribunal found that since the assessee purchased units more than three months before the dividend record date, section 94(7) on dividend stripping did not apply. The AO failed to rebut the assessee's supporting evidence. Consequently, the Revenue's appeal was dismissed, affirming the exemption claim and rejecting all grounds raised. en-us Thu, 02 Jan 2025 00:00:00 +0530 Mon, 04 Aug 2025 15:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776161 The ITAT Mumbai upheld the CIT(A)'s order allowing the assessee's claim of loss exemption under section 10(35). The AO's disallowance based on alleged accommodation entries and manipulation by the mutual fund was rejected. The tribunal found that since the assessee purchased units more than three months before the dividend record date, section 94(7) on dividend stripping did not apply. The AO failed to rebut the assessee's supporting evidence. Consequently, the Revenue's appeal was dismissed, affirming the exemption claim and rejecting all grounds raised. Case-Laws Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776161