Mutual Funds were this week relieved when a stay was granted against the IT Department notice pending decision on the Mutual Funds' appeal against the IT Order asking 16 mutual funds to pay  upto INR 5 bln in taxes. Mutual Funds include UTI and SBI MF 

Seemingly interest earned on Pass thru Certificates traded with the IL&FS as trustee have not been incuded in income assessments. interest earned for AYs 2008-09, 2009-20 and 2010-11 were claimed to be subject to taxes. A appeal against the CBDT order is pending with Commisioner IT,. Till the appeal is disposed off , the MF accounts will also be release, attached under the tax notice earlier. 

Posted via email from The India Investment Post