Profit on sale/redemption of investment not chargeable to tax: ITAT Delhi

Oriental Insurance Co. Ltd Vs ACIT (ITAT Delhi) ITAT Delhi following the decision of Delhi HC in assessee’s own case held that profit earned on sale/redemption of investment is not chargeable to tax. Accordingly, appeal allowed to that extent. Facts- Vide the present appeal, the assessee are challenging the addition of ₹615,70,93,758/- made on account of profit on sale/ redemption of investment and by denying the benefit of exemption u/s 10(38) of the Act. Further, the assessee are challenging the action of CIT(A) upholding the disallowance of ₹10,15,15,933/- out of total depreciation al...