Case Law Details
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) dismissing the Revenue’s appeal against the Commissioner of Income Tax (Appeals) for the assessment years 2014-15 which was upheld by High Court.
2. Key Question Raised: The central question raised was whether the Assessee could claim exemption under Section 10(38) after initially not doing so during the assessment proceedings.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
