https://www.taxtmi.com/caselaws?id=422688 The Tribunal upheld the decision of the CIT(A) and dismissed the Revenue's appeal, affirming the allowance of the exemption on long term capital gains under section 10(38) of the Income Tax Act. The Tribunal found that the respondent was entitled to the exemption as the shares held as investments were converted into stock-in-trade, resulting in long term capital gains upon sale. The conversion did not disqualify the assessee from claiming the exemption, and the Tribunal emphasized that the Assessing Officer had the opportunity to re-examine the issue. en-us Tue, 17 May 2022 00:00:00 +0530 Thu, 19 May 2022 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422688 The Tribunal upheld the decision of the CIT(A) and dismissed the Revenue's appeal, affirming the allowance of the exemption on long term capital gains under section 10(38) of the Income Tax Act. The Tribunal found that the respondent was entitled to the exemption as the shares held as investments were converted into stock-in-trade, resulting in long term capital gains upon sale. The conversion did not disqualify the assessee from claiming the exemption, and the Tribunal emphasized that the Assessing Officer had the opportunity to re-examine the issue. Case-Laws Income Tax Tue, 17 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422688