ITAT Lucknow Allows LTCG Exemption on Share Sale: Unfurnished Report Discarded

Shilpa Khandelwal Vs DCIT (ITAT Lucknow) ITAT Lucknow allows exemption on LTCG from Share Sale: Discards AO’s reliance on unfurnished Investigation Report; Documented share transactions cannot be disregarded merely on suspicion- ITAT slams AO for blindly relying on Investigation Report Assessee filed return declaring income of ₹10.76 lakh & claimed exemption of ₹31.87 lakh as Long-Term Capital Gain (LTCG) u/s 10(38) from sale of shares of Gold Line International Finvest Ltd. (₹24.09 lakh) & Kappac Pharma Ltd. (₹7.77 lakh).  The case was selected for scrutiny due to “s...