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ITAT Allows LTCG Exemption on Inherited Shares
Case Law Details
- Case Name
- Paresh Manubhai Desai Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Paresh Manubhai Desai Vs ITO (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT) in Mumbai has ruled in favor of a taxpayer, Paresh Manubhai Desai, allowing him to claim a long-term capital gains (LTCG) exemption under Section 10(38) of the Income Tax Act, 1961. The tribunal set aside a penalty that treated the sale of inherited shares as a short-term capital gain (STCG). This decision was based on the evidence presented by the assessee, which demonstrated that the shares had been held for a period of over one year, even before he inherited them.
The case originated from the assessment year...
