ITAT allows Section 54F exemption against LTCG on Share based on Intrinsic Value

ITO Vs Bipin Babubhai Panchal (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) in Ahmedabad recently adjudicated a significant case involving ITO Vs Bipin Babubhai Panchal. This appeal was filed by the Revenue against the order dated March 11, 2019, from the Commissioner of Income Tax (Appeals)-10, Ahmedabad, concerning the Assessment Year 2012-13. The case primarily centered around the computation of Long-Term Capital Gains (LTCG) and the valuation of shares of a Private Limited Company that was under liquidation. Background of the Case The Revenue raised several grounds in the appea...