Venenburg Facilities B V, Netherlands, ... vs Assessee on 16 January, 2013
14. With reference to the controversy/opinion of AO that the
investments made before assessment year 2000-01 cannot fall
within the provisions of the section 10(23G) the learned Counsel
relied on the decision of ITAT Hyderabad in the case of VBC Ferro
Alloys Ltd. vs. Assistant Commissioner of Income-tax, Circle 3(4),
Hyderabad, 107 ITD 367 wherein this issue was discussed
elaborately and held that investments made before 01.06.1998 are
also eligible for exemption under section 10(23G). It was his
submission that LTCG arising to the assessee company was also
exempt under section 10(23G).