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Trust Outside 115BBDA Net: Dividend Remains Exempt u/s 10(34)
Case Law Details
- Case Name
- Jasmina Trust Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Jasmina Trust Vs DCIT (ITAT Delhi)
Assessee, a trust registered u/s 12A, earned dividend income of Rs.25.51 lakh & claimed exemption u/s 10(34). AO treated the dividend as taxable, denied exemption & assessed income by invoking section 115BBDA, while CIT(A) partly upheld the addition by allowing basic exemption of Rs.10 lakh & taxing balance @10% u/s 115BBDA.
ITAT held that though proviso to section 10(34) was inserted by Finance Act 2016 w.e.f. 01-04-2017, section 115BBDA applies only to Individual, HUF or Firm. A Trust does not fall within the class of assessees ...
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