Share Certificate Transfer Dates Prove Holding Period; ITAT Allows LTCG Despite Purchase Date Doubts

Chintan Harshad Kanakia Vs ITO (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal, Mumbai concerned the validity of reassessment proceedings and the disallowance of long-term capital gains (LTCG) exemption under section 10(38) for Assessment Year 2015–16. The assessee, an individual, filed a return declaring income of ₹10.06 lakh and claimed exemption of about ₹1.41 crore on sale of shares of Parag Shilpa Investments Ltd. The assessment was reopened based on information from the Principal Commissioner of Income Tax that, during a search on KCGP Share Broking Services Pvt. ...