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2010 (12) TMI 713 - ITAT, MUMBAICondonation of delay - LTCG or STCG - Exemption u/s. 54EC - Addition - Principles of natural justice - after purchasing the shares they were sent to the company for transfer of shares in assessee's name and the said company transferred the shares on 30-6-2000. - the evidence on record indicate that assessee has purchased the shares in April, 2000 and sold in December, 2001 - Held that:- The only action of the Assessing Officer is doubting the purchase in April, 2000 but the Assessing Officer has not doubted the transaction as such as he has accepted the same as well as purchase cost. - assessee has discharged the onus in proving the date of purchase in April 2000 and there is no reason to deny the benefit of capital gains to the assessee as long term capital gains. - AO directed to treat the capital gain as long term capital gain and not as short term capital gain.
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