Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 542 - AT - Income TaxCapital gains - denial of the deemed exemption under s. 10(38) of the Act - Assessee had purchased the shares outside stock exchange directly from the broker in physical form - he was not having D-mat account - alleged that purchase contract notes are not genuine and that the shares were not purchased by the assessee - Held that:- Before the AO copies of the share certificates held by assessee in physical form were provided which contained complete relevant details - merely because there was substantial delay in transferring the shares into D-mat account from the date of purchase and the transactions not routed through Stock Exchange, the AO was not justified in doubting the declared date of purchase of the shares ignoring the evidences - AO directed to allow the claimed exemption under s. 10(38) of the Act on the long-term capital gain shown by the assessee on those shares – In favor of assessee
|