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of <h1>High Court affirms Long Term Capital Gain case decision for AY 2003-04</h1> 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 ... Long Term Capital Gain - assessing officer treated the sale transaction to be sham and added the entire sale price as income under Section 68 of the Income Tax Act - Held that: - Commissioner had deleted the addition after considering that the transaction of sale of share was conducted through the borker, who had confirmed the sale and then the transaction was done through Calcutta Stock Exchange - There is no illegality in the same - Appeal is dismissed 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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