Trust Outside 115BBDA Net: Dividend Remains Exempt u/s 10(34)

Jasmina Trust Vs DCIT (ITAT Delhi)

Assessee, a trust registered u/s 12A, earned dividend income of Rs.25.51 lakh & claimed exemption u/s 10(34). AO treated the dividend as taxable, denied exemption & assessed income by invoking section 115BBDA, while CIT(A) partly upheld the addition by allowing basic exemption of Rs.10 lakh & taxing balance @10% u/s 115BBDA.

ITAT held that though

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