Assessee is a trust duly recogniged under a notification issued by Government of India for purpose of benefit under section 10(23EA) of the Act. Assessee filed its return claiming exemption under section 10(23EA). Assessing Officer rejected assessee’s claim on ground that a trust which received benefits under sections 11 to 13, could not claim exemption under section 10(23EA). Tribunal held that there was no prohibition in law that Trust which qualified under sections 11 to 13, could not claim exemption under section 10(23EA) accordingly allowed the claim. High Court upheld order passed by Tribunal. (AY. 2010-11)
National Stock Exchange Investor Protection Fund Trust. (2019) 109 taxmann.com 275 / 266 Taxman 181 (Bom.)(HC) Editorial : SLP of revenue is dismissed; National Stock Exchange Investor Protection Fund Trust. (2019) 266 Taxman 180 (SC)/ 416 ITR 129 (St.)(SC)
S. 10(23EA) : Investor Protection Fund–Trust which is qualified under Sections 11 to 13 could also claim exemption–Rejection of claim is held to be not justified. [S. 11, 12, 13]