Alternative Investment Fund’s Exemption Under Section 10(23FBA) Cannot Be Denied By Arbitrarily Reclassifying Investment Returns As Business Income
Alternative Investment Fund’s Exemption Under Section 10(23FBA) Cannot Be Denied By Arbitrarily Reclassifying Investment Returns As Business Income Issue Whether the Assessing Officer was justified in re-characterizing an Alternative Investment Fund’s (AIF) interest income, short-term capital gains, and processing fees as business income to deny tax exemption under Section 10(23FBA), without applying settled judicial tests… Read More »