Denial of LTCG exemption: ITAT directs AO to allow exemption after examination

Pan Emami Cosmed Limited Vs DCIT (ITAT Kolkata)

Introduction: The Income Tax Appellate Tribunal (ITAT) Kolkata has ruled in favor of Pan Emami Cosmed Limited in a case against the denial of Long-Term Capital Gain (LTCG) exemption for the Assessment Year 2018-19. The ITAT order dated November 7, 2023, overturned the decision of the Commissioner of Income-tax (Appeals) and directed the Assessing Officer (AO) to allow the exemption after thorough examination.

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