Dividend from Mutual Funds Cannot Be Treated as Bogus U/s 68 – SEBI Confirmation Consistent ITAT View Upheld

DCIT Vs Reliance Industries Limited (ITAT Mumbai) Dividend from Mutual Funds Cannot Be Treated as Bogus u/s 68 – SEBI Confirmation Consistent ITAT View Upheld AO treated ₹615.81 Cr dividend received from JM Balanced Fund & JM Equity Fund as unexplained cash credit u/s 68 (r.w.s. 115BBE), alleging sham transactions based on survey on fund manager. CIT(A) deleted the addition. ITAT upheld CIT(A) and held: Identity, source & genuineness established: Dividend received from identifiable mutual funds through banking channels SEBI (regulator) confirmed no violation: SEBI clarified th...