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        Case ID :
        Income Tax

        Denial of exemption u/s 10(38) - . The ITAT found that the...

        Taxpayer Wins Exemption for Long-Term Capital Gains; ITAT Dismisses Suspicion Over Share Price Surge as Unfounded.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Denial of exemption u/s 10(38) - . The ITAT found that the assessee, an individual with income from salary and other sources, had legitimately purchased equity shares of CCL International Ltd, which were later sold through a registered stockbroker. The transactions were subjected to Securities Transaction Tax (STT), and the gains were classified as long-term capital gains. Despite the AO's suspicion regarding the sharp rise in the share price, the ITAT found no evidence to doubt the genuineness of the transactions. The Tribunal highlighted the company's ongoing business operations and its recognition by government bodies, thereby ruling the capital gains as genuine and entitled to exemption under section 10(38).
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