Exemption u/s 10(38) admissible even if STT not paid on shares acquired on or after 01.10.2004: ITAT Mumbai

DCIT Vs Business Excellence Trust (ITAT Mumbai) ITAT Mumbai held that since the shares were acquired on or after 01.10.2004, the assessee would be entitled to claim exemption of LTCG u/s 10(38) of the Income Tax Act even if the Securities Transaction Tax (STT) was not paid at the time of acquisition. Facts- The assessee is established as a trust. Though the assessee applied for “VCF” status to the SEBI on 18th May, 2006, yet it got the Certificate of registration only on 10th October, 2008.Thus the assessee became a Venture Capital Fund (VCF) as per the Securities and Exchange Board (Ventu...