Gain from Sell of shares of ICL held for over 10 years is Genuine: ITAT Mumbai

Elara India Opportunities Fund Limited Vs Dy. CIT (International Taxation)- (ITAT Mumbai) Elara India Opportunities Fund Limited, a portfolio investor registered with SEBI and a tax resident of Mauritius, contested the final assessment order for Assessment Year 2020-21 issued by the Assessing Officer (AO). The dispute arose from the addition of Rs. 6,64,96,351 under Section 68 of the Income Tax Act, pertaining to the sale of shares of M/s. International Conveyors Ltd. (ICL). Assessee’s Investments: Elara India Opportunities Fund had acquired 65 lakh shares of ICL between 2008 and 2009 an...