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| The Tax Publishers2020 TaxPub(DT) 4843 (Del-Trib) INCOME TAX ACT 1961
Section 10(34)
Where assessee received the dividend income from VCF earned by SARA fund, exemption claimed under section 10(34) could not be denied.
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Exemption under section 10(34) - Allowability - Dividend from VCU earned by SARA Fund -
Assessee filed NIL return of income claiming exemption under section 10(34) on Dividend income from VCU earned by SARA Fund of which disallowance was made by AO.Held: The assessee, in this case, received the dividend income from VCF. So, the assessee is entitled for exemption under section 10(34) and its share of dividend income is out of dividend income received by SARA fund. When the company with which SARA Fund was invested, had already paid additional income-tax on the earned dividend as required under section 115-O, SARA fund was not required to pay additional income-tax second time on the same income.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2012-13
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