ITO v. Gujarat Information Technology Fund

45 SOT 529Income Tax Appellate Tribunal2011#5286 most cited

What is ITO v. Gujarat Information Technology Fund authority for?

Income tax authorities cannot disallow a claim for exemption under section 10(23FB) solely by alleging violations of SEBI regulations without any action or allegation from SEBI itself.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2017 to 2025.

Also referred to as

ITO v. Gujarat Information Technology Fund · 45 SOT 529 · section 10(23FB) · exemption · SEBI regulations · violation · ITAT · Assessing Officer · disallowance

Sections most often in play

Section 14ASection 37(1)Section 40(1)Section 40(2A)Section 44Section 10(23FB)Section 1938 Section 40(1)Section 1938 Section 40(2A)

Issues it is cited on

section 40(1)section 102prohibited by lawsection 22section 29section 44section 37(1)commissioner (appeals)section 40section 37section 14asection 10

Judgments citing ITO v. Gujarat Information Technology Fund

Asst CIT 14(1), Mumbai vs. Cig Reality Fund, Mumbai

In the result, all the appeals of Revenue are dismissed and appeals of assessee are allowed

ITA 3259/MUM/2014[2009-10]Status: DisposedITAT Mumbai26 May 2017AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

Section 10Section 143(3)

…The CIT(A) following the decision of Mumbai Bench of this Tribunal in the case of ITO vs. Kshitij Venture Capital Fund [2011] 10 taxman.com 204 (Mum) and also the Ahmedabad Bench decision of this Tribunal in ITO vs. Gujarat information Technology Fund (2011) 45 SOT 529 (Ahd) allowed the claim of the assessee and deleted the addition of interest income of Rs. Page 4 of 11 ITA No.4136, 4137, 3259, 7636, 2898/Mum/2014 M/s CIG Reality Fund; A.Ys. 07-08, 08-09, 09-10, 10-11 66,07,975/- and short term capital gain on mutual funds of Rs. 1,45,84,081/-. Aggrieved, now Revenue is in appeal before us. 5. Before the le…

Cig Realty Fund, Mumbai vs. Addl CIT 14(1), Mumbai

In the result, all the appeals of Revenue are dismissed and appeals of assessee are allowed

ITA 2898/MUM/2014[2009-10]Status: DisposedITAT Mumbai26 May 2017AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

Section 10Section 143(3)

…The CIT(A) following the decision of Mumbai Bench of this Tribunal in the case of ITO vs. Kshitij Venture Capital Fund [2011] 10 taxman.com 204 (Mum) and also the Ahmedabad Bench decision of this Tribunal in ITO vs. Gujarat information Technology Fund (2011) 45 SOT 529 (Ahd) allowed the claim of the assessee and deleted the addition of interest income of Rs. Page 4 of 11 ITA No.4136, 4137, 3259, 7636, 2898/Mum/2014 M/s CIG Reality Fund; A.Ys. 07-08, 08-09, 09-10, 10-11 66,07,975/- and short term capital gain on mutual funds of Rs. 1,45,84,081/-. Aggrieved, now Revenue is in appeal before us. 5. Before the le…