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 Tribunal, Ahmedabad Bench’s decision dated February 20, 2020, which had deleted the addition of...