https://www.taxtmi.com/caselaws?id=408595 The Tribunal allowed the appeal in favor of the assessee, ruling that the Long Term Capital Gain (LTCG) from the sale of shares of Turbotech Engineering Limited (TEL) was genuine. It set aside the lower authorities' orders and deleted the addition of Rs. 99,78,000 under Section 68 of the Income Tax Act. The Tribunal held that the assessee was not engaged in share trading and was entitled to claim the exemption on LTCG under Section 10(38), emphasizing the lack of substantial evidence against the assessee and the violation of principles of natural justice by not providing the investigation wing's report or cross-examination opportunity. en-us Tue, 25 May 2021 00:00:00 +0530 Sat, 26 Oct 2024 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408595 The Tribunal allowed the appeal in favor of the assessee, ruling that the Long Term Capital Gain (LTCG) from the sale of shares of Turbotech Engineering Limited (TEL) was genuine. It set aside the lower authorities' orders and deleted the addition of Rs. 99,78,000 under Section 68 of the Income Tax Act. The Tribunal held that the assessee was not engaged in share trading and was entitled to claim the exemption on LTCG under Section 10(38), emphasizing the lack of substantial evidence against the assessee and the violation of principles of natural justice by not providing the investigation wing's report or cross-examination opportunity. Case-Laws Income Tax Tue, 25 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408595