The assessee trust is registered as a Venture Capital Fund. The Assessee claimed exemption u/s 10(23FB) of the Act. The AO allowed the  claim. CIT in revision proceedings held that the assessee had derived income out of investment in Venture Capital Undertakings which were in real estate business and since real estate undertaking appeared in negative list under third Schedule of SEBI (Venture Capital Funds) Regulations, 1996, same is not eligible  exemption under S.10(23FB)  of the Act. On appeal allowing the appeal of the assesssee the Tribunal held that, since real estate sector was removed from the negative list with effect from 5-4-2004,   much before the assessee came in to existence  the assessee entitle to exemption. Accordingly the evision order is held to be bad in law  and even on merit the assessee is entitle to exemption  ( AY.2013-14)