Case Law Details
Case Name : ITO Vs Gujarat Information Technology Fund (ITAT Ahemdabad)
Appeal Number : ITA No. 2264/Ahd/2007
Date of Judgement/Order : 27/05/2011
Related Assessment Year : 2004- 05
Courts :
All ITAT ITAT Ahmedabad
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ITO Vs Gujarat Information Technology Fund (ITAT Ahemdabad)- Interest income earned on bank deposit is exempt u/s 10(23FB) and there is no decision of SEBI that there is any violation of SEBI (Venture Capital Funds) Regulation 1996 and, therefore, the AO cannot hold that there was such violation. The AO is duty bound to inquire whether the assessee trust is registered under the Registration Act, 1908 and has been granted a certificate of registration by SEBI under SEBI (Venture Capital Funds) Regulations, 1996 and not beyond that.
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD BENCH “A” AHMEDABAD
AHMEDABAD BENCH “A” AHMEDABAD
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