Denial of exemption u/s 10(38) - . The ITAT found that the ...

Taxpayer Wins Exemption for Long-Term Capital Gains; ITAT Dismisses Suspicion Over Share Price Surge as Unfounded.

April 6, 2024

Case Laws Income Tax AT

Denial of exemption u/s 10(38) - . The ITAT found that the assessee, an individual with income from salary and other sources, had legitimately purchased equity shares of CCL International Ltd, which were later sold through a registered stockbroker. The transactions were subjected to Securities Transaction Tax (STT), and the gains were classified as long-term capital gains. Despite the AO's suspicion regarding the sharp rise in the share price, the ITAT found no evidence to doubt the genuineness of the transactions. The Tribunal highlighted the company's ongoing business operations and its recognition by government bodies, thereby ruling the capital gains as genuine and entitled to exemption under section 10(38).

View Source

← Previous Next →

Denial of exemption u/s 10(38) - . The ITAT found that the ...

Taxpayer Wins Exemption for Long-Term Capital Gains; ITAT Dismisses Suspicion Over Share Price Surge as Unfounded.

April 6, 2024

Case Laws Income Tax AT

You may also like:

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

ITAT adjudicated a dispute regarding capital gains taxation, specifically addressing the set-off of non-grandfathered short-term and long-term capital losses against...

Bogus capital gain on sale of long term shares - exemption u/s 10(38) denied - The holding of the shares by the assessee cannot be doubted and the finding of the AO is...

Regarding long-term capital gain determination, indexed cost of acquisition claimed by assessee at Rs. 45 lakhs for property valued over Rs. 45 lakhs, evidenced by...

ITAT ruled on long-term capital gains from unlisted shares under India-Mauritius DTAA, specifically addressing loss carry-forward without offsetting against capital...

The case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of shares for creating infrastructure facilities. The key points...

Exemption u/s 54EC - Assessee has not been able to raise any material contention to dispute this position. He has only submitted that the assessee wanted to invest the...

Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed.

Revision u/s 263 by CIT - Wrong claim of carry forward of long term capital loss - the long term capital gain, which is exempted under section 10(38) of the Act, would...

There was a genuine transaction of purchase and sale of shares on which assessee has earned Long Term Capital Gain, and therefore, such Long Term Capital Gain cannot be...

Income derived from the sale of equity shares - business income or Long Term Capital Gain - the said equity shares not only for one year but for more than 16 years and...

Capital gain on sale of shares - market price or agreed price - transfer of shares by obtaining interest free loans for a long tenure coupled with call option agreements...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Non setting off the short term capital gain against long term capital loss brought forward - There is merit in the contentions of the appellant that prior to amendment...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

Quick Updates: