https://www.taxtmi.com/caselaws?id=412521 The court held that shares not listed on a recognized stock exchange can be treated as long-term capital assets if held for more than twelve months, in accordance with Section 2(42A) of the Income Tax Act, 1961. The court rejected the Revenue's argument that the proviso to Section 2(42A) only applies to listed shares, emphasizing that the legislative intent was to equalize treatment for various securities. The appeal by the Revenue was dismissed, ruling in favor of the assessee that unlisted shares qualify as long-term capital assets. en-us Tue, 07 Sep 2021 00:00:00 +0530 Wed, 17 Nov 2021 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412521 The court held that shares not listed on a recognized stock exchange can be treated as long-term capital assets if held for more than twelve months, in accordance with Section 2(42A) of the Income Tax Act, 1961. The court rejected the Revenue's argument that the proviso to Section 2(42A) only applies to listed shares, emphasizing that the legislative intent was to equalize treatment for various securities. The appeal by the Revenue was dismissed, ruling in favor of the assessee that unlisted shares qualify as long-term capital assets. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412521