Exemption for Offshore Fund Scheme Upheld; Separate Registration Unnecessary, SEBI Approval Confirmed for Tax Benefit.

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....Validity of exemption u/s 10(23D) - offshore fund scheme maintained by the assessee - The observation of the Assessing Officer in order to grant exemption under section 10(23D) has to have a separate registration is uncalled for and the various documents submitted by the assessee proves that the offshore fund scheme maintained by the assessee is an approved unit by the SEBI. - CIT(A) rightly granted benefit of deduction / exemption - AT....