Calcutta HC allows LTCG exemption on share of Wagend Infra Venture Limited

PCIT Vs Sawankumar T Jajoo (Calcutta High Court) In the case of PCIT Vs Sawankumar T Jajoo, the Calcutta High Court dealt with a revenue appeal challenging the decision of the Income Tax Appellate Tribunal (ITAT), which had dismissed the department’s appeal regarding the assessment year 2013-14. The revenue raised three substantial questions of law, primarily concerning the disallowance of a long-term capital gain (LTCG) claimed as exempt under Section 10(38) of the Income Tax Act. The Assessing Officer had added the LTCG to the income under Section 68, alleging the shares sold were penny st...