Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 630 - HC - Income TaxEntitled to the exemption u/s 10(23FB) - Security Transaction Tax [STT] liability was borne by the Venture Capital Fund and not by the assessee - HELD THAT:- Under Section 115U(5) the income received by the Venture Capital Fund is taxable on accrual basis, whether distributable or not to the investor and therefore, the exemption under Section 10(38) is not claimed on the distribution as stated by the Assessing Officer in its order. This submission was taken note of and the CIT(A) has recorded the factual finding that STT paid on the transaction is borne by the assessee and the same was debited to the account of the assessee by the Venture Capital Fund as admitted by the Assessing Officer himself in the Assessment Order. Taking note of the decision of the Delhi Tribunal in the case of Japan International Cooperative Agency [2016 (2) TMI 882 - ITAT DELHI] the issue was decided in favour of the assessee. The correctness of the factual finding recorded by the CIT(A) was tested by the Tribunal as well as noting the provision of Section 10(23FB) and Section 115(U) . After taking note of the factual position, the Tribunal affirmed the order passed by the CIT(A). Thus we find there is no Substantial Question of Law arises for consideration in this appeal as the entire matter revolves on factual aspects which was not only endorsed by the AO while denying the relief. This error was corrected by the CIT(A) and affirmed by the Tribunal. Hence no ground is made out by the Revenue to interfere with the order passed by the Tribunal. - Decided against revenue.
|