https://www.taxtmi.com/caselaws?id=786161 Exemption under section 10(23FBA) read with section 115UB is available where a scheme is floated under a SEBIregistered Category II AIF trust even if the scheme carries a separate PAN distinct from the trust; denial of exemption solely for differing PANs is not permissible, and the addition under 10(23FBA) is deleted. Treating the difference between book surplus and amounts distributed to investors as business income is unsustainable where the fund operates under a passthrough framework; the difference arose from indexation benefit under section 48 on longterm capital gains from unlisted equity and therefore does not constitute taxable business income, so the addition is deleted. en-us Tue, 03 Feb 2026 00:00:00 +0530 Sat, 07 Feb 2026 07:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786161 Exemption under section 10(23FBA) read with section 115UB is available where a scheme is floated under a SEBIregistered Category II AIF trust even if the scheme carries a separate PAN distinct from the trust; denial of exemption solely for differing PANs is not permissible, and the addition under 10(23FBA) is deleted. Treating the difference between book surplus and amounts distributed to investors as business income is unsustainable where the fund operates under a passthrough framework; the difference arose from indexation benefit under section 48 on longterm capital gains from unlisted equity and therefore does not constitute taxable business income, so the addition is deleted. Case-Laws Income Tax Tue, 03 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786161