LTCG Not Bogus if Assessee Proves Transaction Genuineness

PCIT Vs Parasben Kasturchand Kochar (Gujarat High Court)

Introduction: In a significant judgment that reverberated through the corridors of tax law and policy, the Gujarat High Court delivered a decisive verdict in the case of PCIT -1 Vs Parasben Kasturchand Kochar. This case centered around the contentious issue of the legitimacy of long-term capital gains (LTCG) claimed as exempt under Section 10(38) of the Income Tax Act, 1961. The Revenue’s appeal challenged the Income Tax Appellate Tribuna

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