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2012 (10) TMI 1037 - AT - Income TaxTransfer of shares - long term capital gain - exemption u/s. 10(38) - date of acquisition of the shares - interest under section 234B - Held that:- Purchase and sale of shares outside the floor of stock exchange is not an unlawful activity. Off-market transactions are not illegal - book entries reflects the purchase and sale of shares and support the money received on sale of shares and finally investing the same in the purchase of flat. The chain of transactions entered into by the assessee have been properly accounted, documented and supported by evidences - allowing the benefit of the exemption u/s. 10(38) - Decided in the favor of assessee.
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