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2014 (2) TMI 833 - ITAT MUMBAIDisallowance u/s 10(23G) of the Act – Long Term Capital Gain on sale of shares – Held that:- The approval given u/s 10(23G) has not been withdrawn as provided in rule 2E of the Income Tax Rules - the benefit which has accrued to the investor/assessee cannot be taken away just because of the reason that the investee company which has originally been approved u/s 10(23G) by the government has amalgamated into another company - by providing the approval for an investee company, the investor is entitled to the benefit which cannot be denied to the assessee/investor merely on the ground that the investee company has amalgamated/merged with another company, the process in which the assessee/investor has no role to play – thus, the authorities are not justified in holding that the assessee is not eligible for exemption under the provisions of section 10 clause 23G of the Act - the exemption claimed by the assessee u/s 10(23G) of the Income Tax Act in respect of long term capital gain of on sale of shares of M/s RSPCL to M/s BSES/REL is allowed – Decided in favour of Assessee.
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