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2022 (5) TMI 226 - AT - Income TaxDeduction u/s 10(38) - Long Term Capital Gain earned from sale of 50000 shares of M/s Kailash Auto Finance Limited - Denial of deduction as assessee has earned a return of approximately 3763% over a very short period of just over 15 months and the financial results of M/s Kailash Auto Finance Limited are not very good - HELD THAT:- As in the case of Vidhi Malhotra vs ITO [2019 (2) TMI 226 - ITAT DELHI] where identical issue was the subject matter before the Tribunal. We find the Tribunal after considering the final order of SEBI revoking the ban on M/s Kailsh Auto Finance Ltd. has allowed the claim of Long Term Capital Gain u/s 10(38) of the Act on account of sale of shares of M/s Kailash Auto Finance Ltd. Thus we set-aside the order of the Ld. CIT(A) and direct the AO to delete the addition made by him rejecting the claim of deduction u/s 10(38) - Decided in favour of assessee.
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