Assessee Can Claim LTCG Exemption During Assessment Despite Survey Statements

PCIT Vs Kuntala Mohapatra (Supreme Court of India) Introduction: The Supreme Court of India recently delivered a significant judgment in the case of PCIT Vs Kuntala Mohapatra, addressing the eligibility of Long Term Capital Gains (LTCG) for exemption under Section 10(38) when transfers occur through banking channels,  stock exchanges and there was violation of Natural Justice.  In this judgment Supreme Court has upheld the judgment of Orissa High Court. Detailed Analysis: 1. Background of the Case: The appeal by the Revenue stemmed from a decision by the Income Tax Appellate Tribunal (ITAT) ...