ITAT Bangalore Restores Dividend Exemption Claim to AO for Re-examination

Light Ray Advisors LLP Vs DCIT (ITAT Bangalore) Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has allowed two appeals filed by Light Ray Advisors LLP against separate orders, both dated October 21, 2024, passed by the learned Commissioner of Income-Tax (Appeals) [CIT(A)] for Assessment Years (AY) 2018-19 and 2019-20. The appeals challenge the disallowance of dividend income claimed as exempt under Section 10(35) of the Income Tax Act, 1961. The assessee, a Limited Liability Partnership (LLP) engaged in investment advisory services, had declared an income of Rs. 27,68,74,140/- in ...