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        Case ID :
        Income Tax

        The ITAT Surat (Appellate Tribunal) considered an appeal...

        ITAT Surat held that LTCG not unexplained cash credit. Share sale legit, no manipulation. Exemption u/s 10(38) allowed.

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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.
                                The ITAT Surat (Appellate Tribunal) considered an appeal regarding the addition u/s 68 for alleged bogus LTCG and unexplained cash credit. The appellant's claim for exemption u/s 10(38) in relation to surplus earned on the sale of shares held for the long term was rejected. The Tribunal held that the assessee conducted the share sale through BSE, paid security transaction tax, and there were no allegations against the share broker for price manipulation. Consequently, there was no justification for treating the LTCG as unexplained cash credit without cogent evidence. The decision favored the assessee.
                                Note: It is a system-generated summary and is for quick reference only.
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