LTCG from sale of shares of 21st Century Finance Ltd. is genuine: ITAT Indore

JCIT Vs Amandeep Singh Bhatia (ITAT Indore) Aassessee in his return of income declared a long-term capital gain exempted u/s 10(38) of the act, earned from sale of 88,550 equity shares of 21st Century Finance Ltd. The assessee claimed to have purchased the impugned shares for Rs. 7,70,856/- in the year 2004-05; sold the same for Rs. 2,55,72,940/- in the year 2008-09 and thereby earned the capital gain of Rs. 2,48,02,084/-. The case was selected for scrutiny and the statutory notices u/s 143(2) and 142(1) were issued from time to time. The AO confronted the assessee on the capital gain declared...