Section 10(23FB) of the Income Tax Act

The decision most relied on for Section 10(23FB) is Pandit Bros. v. CIT (26 ITR 159), cited in 48 of the 34 judgments on BharatTax that turn on this section.

Leading authorities on Section 10(23FB)

Pandit Bros. v. CIT
26 ITR 159 · 1954 · High Court
48
citing judgments

Low profits alone, or minor defects such as the non-maintenance of a stock register, do not justify the rejection of regularly maintained books of account under Section 145, nor do they permit additions to income without proving specific errors.

ITO v. Gujarat Information Technology Fund
45 SOT 529 · 2011 · ITAT
22
citing judgments

The case is cited as authority for exemption under Section 10(23FB) of the Income Tax Act.

Narayandas Kedarnath v. CIT
22 ITR 18 · 1952 · High Court
14
citing judgments
G.V.K. Biosciences Pvt. Ltd. v. ACIT
49 Taxmann.com 385 · 2014 · Reported
10
citing judgments
Milestone Real Estate Fund v. ACIT, Mumbai
97 Taxmann.com 141 · 2018 · Reported
10
citing judgments
5 SOT 616); Arvind Murjani Brands (P.) Ltd. vs. I SOT 616); Arvind Murjani Brands (P.) Ltd. v. ITO
137 ITD 173 · 2012 · ITAT
9
citing judgments
CIT v. Anupam Udyog
142 ITR 133 · 1983 · High Court
8
citing judgments
Pr. Commissioner of Income Tax, Central v. Bhupendra Chmpaklal Dalal
160 Taxmann.com 645 · 2024 · High Court
5
citing judgments
M/s. Microfirm Capital Pvt. Ltd. v. DCIT
168 ITD 301 · 2018 · ITAT
3
citing judgments

Judgments on Section 10(23FB)

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE SALEM vs. SELVA STONE EXPORT PRIVATE LIMITED, KRISHNAGIRI

In the result, the appeal filed by the Revenue for assessment year 2018-19 is partly-allowed for statistical purposes

ITA 2051/CHNY/2025[2018-19]Status: DisposedITAT Chennai17 Feb 2026AY 2018-19

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Raviआयकर अपील सं./Ita Nos.: 2049, 2050 & 2051/Chny/2025 िनधा"रण वष"/Assessment Years: 2013-14, 2015-16 & 2018-19 The Assistant Commissioner Of Selva Stone Export Pvt. Ltd., Income Tax, Vs. No.27-A, Jagadevi Road, Central Circle, Chennai Bye Pass, Salem Krishnagiri – 635 104. Pan: Aarcs 7703E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Bipin C.N, Cit ""यथ" क" ओर से/Respondent By : Shri R. Viswanathan, Ca सुनवाई क" तारीख/Date Of Hearing : 28.01.2026 घोषणा क" तारीख/Date Of Pronouncement : 17.02.2026

For Appellant: Shri Bipin C.N, CITFor Respondent: Shri R. Viswanathan, CA
Section 133ASection 139Section 142Section 143Section 148

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE SALEM vs. SELVA STONE EXPORT PRIVATE LIMITED, KRISHNAGIRI

In the result, the appeal filed by the Revenue for assessment year 2018-19 is partly-allowed for statistical purposes

ITA 2050/CHNY/2025[2015-16]Status: DisposedITAT Chennai17 Feb 2026AY 2015-16

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Raviआयकर अपील सं./Ita Nos.: 2049, 2050 & 2051/Chny/2025 िनधा"रण वष"/Assessment Years: 2013-14, 2015-16 & 2018-19 The Assistant Commissioner Of Selva Stone Export Pvt. Ltd., Income Tax, Vs. No.27-A, Jagadevi Road, Central Circle, Chennai Bye Pass, Salem Krishnagiri – 635 104. Pan: Aarcs 7703E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Bipin C.N, Cit ""यथ" क" ओर से/Respondent By : Shri R. Viswanathan, Ca सुनवाई क" तारीख/Date Of Hearing : 28.01.2026 घोषणा क" तारीख/Date Of Pronouncement : 17.02.2026

For Appellant: Shri Bipin C.N, CITFor Respondent: Shri R. Viswanathan, CA
Section 133ASection 139Section 142Section 143Section 148

MKF INTERNATIONAL,MUMBAI vs. DCIT CIRCLE 17(1), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 7726/MUM/2025[2018-19]Status: DisposedITAT Mumbai12 Feb 2026AY 2018-19

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarmkf International Dcit Circle 17(1), 1903/1905, Aarus Wing, Kautilya Bhavan, Wallace Fortuna, Shivdas Vs. Bkc, Mumbai – Chapsi Marg, Opp-Fazlani 400 051 School, Chinchbunder Ho, Mumbai-400 009 Pan/Gir No. Abhfm5244N (Applicant) (Respondent) Assessee By Shri Dharmesh Shah A/W Ms. Mitali Parekh, Ld. Ars Revenue By Shri Umashankar Prasad, Ld. Dr Date Of Hearing 10.02.2026 Date Of Pronouncement 12.02.2026

Section 115BSection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 250Section 270ASection 68

LICHFL FUND ,MUMBAI vs. ITO WARD 23(2)(1), MUMBAI

ITA 5715/MUM/2025[2016-17]Status: DisposedITAT Mumbai30 Jan 2026AY 2016-17

LICHFL FUND ,MUMBAI vs. ITO WARD 23(2)(1), MUMBAI

ITA 5677/MUM/2025[2018-19]Status: DisposedITAT Mumbai30 Jan 2026AY 2018-19

LICHFL FUND ,MUMBAI vs. ITO WARD 23(2)(1), MUMBAI

ITA 5676/MUM/2025[2017-18]Status: DisposedITAT Mumbai30 Jan 2026AY 2017-18

VIDYA ONLINE PRIVATE LIMITED,PUNE vs. THE INCOME TAX OFFICER, WARD-13(5), PUNE

In the result, the appeal filed by the assessee is allowed

ITA 804/PUN/2025[2012-13]Status: DisposedITAT Pune09 Jan 2026AY 2012-13

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.804/Pun/2025 Assessment Year : 2012-13

For Appellant: Shri D.S. RahurkarFor Respondent: Smt.Sailee Dhole
Section 133(6)Section 143(3)Section 41(1)Section 68

NIDHI RANI,PANIPAT vs. INCOME TAX OFFICE, WARD-1, PANIPAT, PANIPAT

In the result, appeal of the assessee is allowed

ITA 3323/DEL/2023[2018-19]Status: DisposedITAT Delhi19 Dec 2025AY 2018-19

Bench: Shri Sudhir Kumar & Shri Manish Agarwal[Assessment Year : 2018-19] Smt. Nidhi Rani Vs Ito 1361, Sector-25, Part-Ii Ward-1, Panipat, Haryana-132103 Panipat Pan-Arrpr9400P Appellant Respondent Appellant By Dr. Rakesh Gupta, Adv. Shri Somil Agarwal, Adv. & Shri Saksham Agarwal, Ca Respondent By Shri Shyam Manohar Singh, Sr.Dr Date Of Hearing 24.09.2025 Date Of Pronouncement 19.12.2025 Order

Section 142(1)Section 143Section 143(2)Section 143(3)Section 234ASection 250Section 68

DCIT CENTRAL CIRCLE 7 1 MUMBAI, MUMBAI vs. SOYUMM MARKETING PRIVATE LIMITED,, MUMBAI

In the result, the appeal of the Revenue, being ITA no

ITA 4306/MUM/2024[2017-18]Status: DisposedITAT Mumbai04 Dec 2025AY 2017-18

Bench: Shri Sandeep Singh Karhailshri Prabhash Shankardeputy Commissioner Of Income Tax, Central Circle - 7(1) Room No.653, Aaykar Bhawan, Churchgate, ............... Appellant Mumbai - 400020 V/S Spectra Realities Private Limited, 9, Floor-I, Plot – 51, Kapadia Chamber, Devji Ratansi Marg, ……………… Respondent Chinchbunder, Mumbai – 400009 Pan: Aalcs7233B Deputy Commissioner Of Income Tax, Central Circle - 7(1) Room No.653, Aaykar Bhawan, Churchgate, ............... Appellant Mumbai - 400020

For Appellant: Shri Bhupendra ShahFor Respondent: Shri Swapnil Choudhary, Sr.AR
Section 142(1)Section 143(2)Section 143(3)Section 250Section 56(2)(viib)

DCIT CENTRAL CIRCLE 7 1 MUMBAI, MUMBAI vs. SPECTRA REALTIES PRIVATE LIMITED,, MUMBAI

In the result, the appeal of the Revenue, being ITA no

ITA 4304/MUM/2024[2017-18]Status: DisposedITAT Mumbai04 Dec 2025AY 2017-18

Bench: Shri Sandeep Singh Karhailshri Prabhash Shankardeputy Commissioner Of Income Tax, Central Circle - 7(1) Room No.653, Aaykar Bhawan, Churchgate, ............... Appellant Mumbai - 400020 V/S Spectra Realities Private Limited, 9, Floor-I, Plot – 51, Kapadia Chamber, Devji Ratansi Marg, ……………… Respondent Chinchbunder, Mumbai – 400009 Pan: Aalcs7233B Deputy Commissioner Of Income Tax, Central Circle - 7(1) Room No.653, Aaykar Bhawan, Churchgate, ............... Appellant Mumbai - 400020

For Appellant: Shri Bhupendra ShahFor Respondent: Shri Swapnil Choudhary, Sr.AR
Section 142(1)Section 143(2)Section 143(3)Section 250Section 56(2)(viib)

KAE CAPITAL FUND ,MUMBAI vs. ITO WARD 25(1)(1), MUMBAI

In the result, the appeal by the assessee is allowed for statistical purposes

ITA 3752/MUM/2025[2020-21]Status: DisposedITAT Mumbai27 Nov 2025AY 2020-21

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhailkae Capital Fund, 74Ab, Jolly Maker Chambers Ii, Vinay Shah Marg, Mumbai – 400021 ............... Appellant Pan : Aabtk9875E V/S Income Tax Officer, Ward – 25(1)(1)., ……………… Respondent Kautilya Bhavan, Bkc, Mumbai

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Hemanshu Joshi, Sr.DR
Section 10Section 10(35)Section 115USection 143(1)Section 154Section 250

EASTERN SHIPPING PRIVATE LIMITED ,MUMBAI vs. DEPUTY DIRECTOR OF INCOME TAX, CPC, BENGALURU

Accordingly grounds raised by the assessee stands allowed

ITA 2787/MUM/2025[2023-2024]Status: DisposedITAT Mumbai17 Sept 2025AY 2023-2024

Bench: Hon’Ble Shri Sandeep Gosaineastern Shipping Pvt Ltd Vs. Ito – 6(2)(1) Godrej Coliseum, Office No. Aayakar Bhavan 801, 8Th Floor, C Wing, Of Mumbai Somaiya Hospital Road, Sion East, Mumbai – 400022. Pan/Gir No. Aahce1084E (Applicant) (Respondent)

Section 139Section 143Section 143(1)Section 143(1)(a)Section 250

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1 1, CHENNAI vs. IDFC LIMITED, CHENNAI

In the result, the appeal filed by the Revenue is dismissed

ITA 1649/CHNY/2025[2015-16]Status: DisposedITAT Chennai03 Sept 2025AY 2015-16

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 1649/Chny/2025 िनधा"रण वष"/Assessment Year: 2015-16 The Acit, Idfc Limited, Corporate Circle 1 (1), Vs. Krm Towers, Chennai. 7Th Floor, No.1, Harrington Road, Chetpet, Chennai – 600 031. Pan: Aaaci 2663N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Shiva Srinivas, Cit ""यथ" क" ओर से/Respondent By : Shri Ketan K. Ved, Ca (Through Virtual Mode) सुनवाई क" तारीख/Date Of Hearing : 02.09.2025 घोषणा क" तारीख/Date Of Pronouncement : 03.09.2025

For Appellant: Shri Shiva Srinivas, CITFor Respondent: Shri Ketan K. Ved, CA
Section 10Section 143(3)Section 14ASection 250Section 260A

HDFC ERGO GENERAL INSURANCE COMPANY LIMITED,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI, MUMBAI

Appeals are partly allowed and Revenue’s appeals are dismissed

ITA 2841/MUM/2025[2016-17]Status: DisposedITAT Mumbai30 Jul 2025AY 2016-17

Bench: Shri Saktijit Dey, Vp & Shri Prabhash Shankar, Am

For Appellant: Shri J.D. Mistri a/wFor Respondent: Shri Ritesh Misra, CIT (DR) Shri
Section 37(1)

RANEE NARAH,GUWAHATI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3, GUWAHATI

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 84/GTY/2020[2016-17]Status: DisposedITAT Guwahati23 Apr 2025AY 2016-17

Bench: Shri Manomohan Das & Shri Rakesh Mishra

Section 143(3)Section 234ASection 234BSection 234CSection 250Section 68Section 69

MR. MAHENDRA MOHINIRAJ GANDHE,AHMEDNAGAR vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE , AHMEDNAGAR

In the result, appeal of the assessee is allowed

ITA 413/PUN/2020[2016-17]Status: DisposedITAT Pune21 Mar 2025AY 2016-17

Bench: Ms.Astha Chandra & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita No.413/Pun/2020 िनधा"रण वष" / Assessment Year: 2016-17 Mr.Mahendra Mohiniraj V The Assistant Gandhe, S Commissioner Of Income 270/31, Manisha Banglow, Tax, Ahmednagar Circle, Professor Colony, Ahmednagar. Savedi Road, Ahmednagar – 414003. Pan: Aaypg 2983J Appellant/ Assessee Respondent / Revenue Assessee By Shri Hari Krishan – Ar Revenue By Shri Ramnath P Murkunde - Dr Date Of Hearing 17/03/2025 Date Of Pronouncement 21/03/2025 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Against The Order Of Ld.Commissioner Of Income Tax(Appeals)-2, Pune Passed Under Section 143(3) Of The Income Tax Act, 1961; Dated 21.01.2020 For Assessment Year 2016-17. The Assessee Has Raised The Following Grounds Of Appeal :

Section 143(3)Section 41(1)Section 68

INCOME TAX OFFICER 41(3)(1), MUMBAI, KAUTILYA BHAVAN vs. BHAGWATI PRASAD N RUNGTA, INDIA

In the result, the appeal filed by the Revenue Department is dismissed

ITA 1574/MUM/2024[2015-16]Status: DisposedITAT Mumbai22 Jan 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Mrs. Renu Jauhriassessment Year: 2015-16

For Appellant: Shri Madhur Agarwal, Ld. A.R. &For Respondent: Shri Laxmi Kant, Ld. Sr. D.R
Section 131Section 142(1)Section 143(3)Section 250

ADITYA BIRLA PRIVATE EQUITY TRUST,MAHARASHTRA vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI(INCOME TAX OFFICER 20(1)(1), MUMBAI), MAHARASHTRA

In the result, appeal of the assessee is allowed

ITA 890/MUM/2024[2018-19]Status: DisposedITAT Mumbai20 Nov 2024AY 2018-19

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 1Section 10Section 10(34)Section 10(38)Section 139(1)Section 143(3)Section 234B

SUBHASH E. DHARGAVE, MUMBAI vs. MILESTONE REAL ESTATE FUNDS, MUMBAI

ITA 59/MUM/2024[2016-17]Status: DisposedITAT Mumbai27 Sept 2024AY 2016-17

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

Section 10Section 10(35)

ACIT 23-1, MUMBAI vs. MILESTONE REAL ESTATE FUND, MUMBAI

Accordingly, Ground No. 6 raised by the Revenue is dismissed

ITA 6/MUM/2024[2017-18]Status: DisposedITAT Mumbai10 Sept 2024AY 2017-18

Bench: SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Madhur AgarwalFor Respondent: Smt. Smiti Samant, Shri H.M
Section 1Section 10Section 115USection 143(3)Section 147

Showing 1–20 of 34 · Page 1 of 2

Section 10(23FB) of the Income Tax Act — Case Laws | BharatTax