https://www.taxtmi.com/caselaws?id=394254 The Tribunal allowed the appeals of the assessee, confirming the genuineness of the Long-Term Capital Gains (LTCG) claimed on the sale of shares of M/s. Essar India Limited. The Tribunal upheld the exemption under Section 10(38) of the Income Tax Act, noting the fulfillment of all conditions. It directed the deletion of the addition made under Section 68, criticizing the reliance on third-party statements without allowing the assessee to rebut. The Tribunal emphasized the necessity of adhering to principles of natural justice in tax assessments, declaring the assessment order invalid due to the AO's procedural shortcomings. en-us Wed, 07 Aug 2019 00:00:00 +0530 Mon, 06 Apr 2020 12:52:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394254 The Tribunal allowed the appeals of the assessee, confirming the genuineness of the Long-Term Capital Gains (LTCG) claimed on the sale of shares of M/s. Essar India Limited. The Tribunal upheld the exemption under Section 10(38) of the Income Tax Act, noting the fulfillment of all conditions. It directed the deletion of the addition made under Section 68, criticizing the reliance on third-party statements without allowing the assessee to rebut. The Tribunal emphasized the necessity of adhering to principles of natural justice in tax assessments, declaring the assessment order invalid due to the AO's procedural shortcomings. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394254