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Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
ITAT allowed the assessee's appeal regarding disallowance of LTCG exemption under section 10(38). The assessee received shares of Twenty First Century India Ltd through court-approved amalgamation after Income Tax Department issued No Objection Certificate to Calcutta HC on 24.12.2010. ITAT held that the Department cannot subsequently declare the same company as bogus paper company merely based on Ashok Kumar Khemka's statement, creating contradictory positions. The tribunal found AO and CIT(A) findings unsound and lacking proper appreciation. Additionally, ITAT deleted additions related to DLC Exports Ltd shares trading as Revenue failed to produce documentary evidence despite assessee's categorical denial of any dealings. Both additions were deleted and section 10(38) exemption was allowed to the assessee.
ITAT allowed the assessee's appeal regarding disallowance of LTCG exemption under section 10(38). The assessee received shares of Twenty First Century India Ltd through court-approved amalgamation after Income Tax Department issued No Objection Certificate to Calcutta HC on 24.12.2010. ITAT held that the Department cannot subsequently declare the same company as bogus paper company merely based on Ashok Kumar Khemka's statement, creating contradictory positions. The tribunal found AO and CIT(A) findings unsound and lacking proper appreciation. Additionally, ITAT deleted additions related to DLC Exports Ltd shares trading as Revenue failed to produce documentary evidence despite assessee's categorical denial of any dealings. Both additions were deleted and section 10(38) exemption was allowed to the assessee.
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