https://www.taxtmi.com/caselaws?id=250211 The Appellate Tribunal ITAT Delhi determined that the profit on the sale of shares by an assessee Trust should be treated as long-term capital gain exempt under section 10(38) of the Income Tax Act for the assessment year 2006-07. The Tribunal held that the shares received as a donation constituted a capital asset and the gain arose from the transfer of a long-term capital asset. Therefore, the Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the appeal, ruling in favor of treating the gain as long-term capital gain. en-us Thu, 24 Jul 2014 00:00:00 +0530 Wed, 06 Aug 2014 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250211 The Appellate Tribunal ITAT Delhi determined that the profit on the sale of shares by an assessee Trust should be treated as long-term capital gain exempt under section 10(38) of the Income Tax Act for the assessment year 2006-07. The Tribunal held that the shares received as a donation constituted a capital asset and the gain arose from the transfer of a long-term capital asset. Therefore, the Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the appeal, ruling in favor of treating the gain as long-term capital gain. Case-Laws Income Tax Thu, 24 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250211