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2010 (11) TMI 626 - AT - Income TaxExemption u/s. 10(23G) - Since the issue is squarely covered in favour of the assessee by the decision of ITAT Hyderabad Bench-B in the case of VBC Ferro Alloys Ltd. vs. ACIT Circle [2005 -TMI - 66812 - ITAT HYDERABAD-B], wherein it was held that Explanation 2 to section 10(23G), as introduced by the Finance Act, 1999 is declaratory and has to be construed as retrospective as it is retroactive in nature - Therefore, the assessee is entitled to exemption u/s. 10(23G) in respect of the investments made prior to 1-6-1998 - Decided in favour of assessee.
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