S.10(38) Exemption cannot be denied for delay in dematerialisation

In the ITAT Pune Bench ‘B’ Income-tax Officer V/s. Ajay Shantilal Lalwani IT Appeal No. 163 (Pune) of 2010 [Assessment Year 2006-07] NOVEMBER 18, 2011 ORDER I.C. Sudhir, Judicial Member The Revenue has questioned first appellate order on the following grounds : “1.  On the facts and circumstances of the case, the CIT(A) erred in treating the income by the assessee from undisclosed sources as capital gains.  2.  On the facts and in the circumstances of the case the CIT(A) erred by accepting the cost of purchase/acquisition of the shares as stated by assesse...