Dismissing the appeal of the revenue the Court held that the securities transaction tax on such transaction was borne by the assessee and was debited to his account by the venture capital fund. The assessee had claimed that he was entitled for exemption under section 10(38), that under section 115U(5) the income received by the venture capital fund was taxable on accrual basis, whether distributable or not to the investor and therefore, the exemption under section 10(38) was not claimed on the distribution as stated by the Assessing Officer in his order.  Order of Tribunal is affirmed. No question of law. (AY. 2008-09)