Exemption u/s. 10(38) eligible only on LTCG from transfer of equity shares and units of equity oriented mutual funds

ACIT Vs Vireet Investments Private Limited (ITAT Delhi)

ITAT Delhi held that the LTCG derived from exclusive transfer of equity shares and units of equity oriented mutual funds only is held eligible for exemption under section 10(38) of the Income Tax Act. Thus, ground raised by the revenue stands allowed.

Facts- The respondent assessee filed its Income Tax Return on 30.10.2007 declaring NIL income comprising of business loss of Rs. (-) 82,00,995/-, income from the house property at Rs.1,35,800/- and Long-Term Capital Gains (‘LTCG’) of Rs.50,44,027/- a

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