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ITAT Lucknow Allows LTCG Exemption on Share Sale: Unfurnished Report Discarded
Case Law Details
- Case Name
- Shilpa Khandelwal Vs DCIT (ITAT Lucknow)
- 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 Lucknow
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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 scr...
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