High Court affirms Long Term Capital Gain case decision for AY 2003-04

The High Court of Allahabad upheld the decision of the Commissioner and the Tribunal in a Long Term Capital Gain case for the assessment year 2003-04. The assessing officer's treatment of the sale transaction as sham was overturned, as it was deemed legitimate through a broker and the Calcutta Stock Exchange. The Income Tax Department's appeal was dismissed.

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The High Court of Allahabad upheld the decision of the Commissioner and the Tribunal regarding a Long Term Capital Gain case for the assessment year 2003-04. The assessing officer had treated the sale transaction as sham, but it was found to be legitimate through a broker and the Calcutta Stock Exchange. The appeal by the Income Tax Department was dismissed.

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