Venture Capital Fund Income Exemption Limited to VCU Investments per Section 10(23FB), Independent from Section 10(25) and 10(35.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Whether income of VCF shall be exempt only to the extent it is from the investment in venture capital undertaking ? - Exemption under section 10(23FB) and exemption under section 10(25) of the Act operates in different fields. CIT(A) is correct in holding that operations of these sections are independent. Assessee’s income in VCU is exempt under section 10(23FB) of the Act and the dividend income is exempt under section 10(35) of the Act. - AT....