ITA No.2440&2441/Bang/2024
Case No: ITA No.2440 & 2441/Bang/2024
Court: INCOME TAX APPELLATE TRIBUNAL, BANGALORE
Date: 2/3/2025
Parties Involved
appellantLight Ray Advisors LLP
respondentDCIT, Circle-4(1)(1), Bangalore
Facts Summary
The assessee, Light Ray Advisors LLP, is engaged in investment advisory services. For the assessment years 2018-19 and 2019-20, the assessee filed its return of income declaring substantial income. The CPC issued notices proposing adjustments for undisclosed income, which the assessee contested. The CPC disallowed the assessee's claims, particularly regarding dividend income from mutual funds claimed as exempt under section 10(35) of the Income Tax Act, 1961. The assessee appealed to the CIT(A),…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee provided sufficient documentary evidence to support its claim of dividend income from mutual funds being exempt under section 10(35) of the Income Tax Act, 1961.