Reopening for escaped assessment w.r.t. exempt income not valid

Brief of the Case Bombay High Court held In the case of Nirmal Bang Securities Pvt. Ltd. vs. ACIT that section 10(33) provides that any income by way of (i) dividends referred to in section 115-O; or (ii) income received in respect of the units from the Unit Trust of India established under the Unit Trust of India Act, 1963; or (iii) income received in respect of units of a mutual fund specified under section 10(23D), shall be exempt from tax. The proviso to section 10(33) stipulates that this clause shall not apply to any income arising from transfer of units of the Unit Trust of India or of...