ITAT allows LTCG exemption on shares of ‘Unisys Software’

Vasantlal Nyalchand Kikavat Vs DCIT (ITAT Mumbai) The case was reopened pursuant to receipt of certain information from investigation wing, Kolkata wherein it was alleged that the assessee was beneficiary of bogus Long-Term Capital gains (LTCG) by dealing in a scrip namely M/s Unisys Software & Holding Industries Ltd. (in short ‘Unisys’). Accordingly, the case was reopened as per due process of law and notice u/s 148 was issued on 14/09/2016 wherein the assessee was directed to substantiate the aforesaid transactions. The assessee was also show-caused as to why the gain so earned be no...