https://www.taxtmi.com/caselaws?id=214708 Share transfers under a public issue were held not to be effected through a recognised stock exchange where the shares were credited to allottees' demat accounts before trading began, because beneficial ownership had already passed and the seller retained no control. On that basis, exemption under section 10(38) was unavailable. The later credit of sale proceeds did not change the completed transfer. The capital gains were also held taxable at the normal rate, because the shares were not listed on the relevant date and therefore did not qualify for the concessional rate applicable to listed securities; later listing and trading did not alter that status. en-us Mon, 09 Jul 2012 00:00:00 +0530 Wed, 12 Dec 2012 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214708 Share transfers under a public issue were held not to be effected through a recognised stock exchange where the shares were credited to allottees' demat accounts before trading began, because beneficial ownership had already passed and the seller retained no control. On that basis, exemption under section 10(38) was unavailable. The later credit of sale proceeds did not change the completed transfer. The capital gains were also held taxable at the normal rate, because the shares were not listed on the relevant date and therefore did not qualify for the concessional rate applicable to listed securities; later listing and trading did not alter that status. Case-Laws Income Tax Mon, 09 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214708