https://www.taxtmi.com/caselaws?id=424832 A survey statement alone is not conclusive where the assessee produces substantive evidence of genuine share transactions, including demat records, merger-based allotment, sale through authorised brokers, and securities transaction tax payment. On that record, long-term capital gains exemption on the share sale was accepted because the revenue failed to show a colourable device or independent material discrediting the claim. The same transaction also could not be recharacterised as adventure in the nature of trade or as short-term capital gains arising from the merger, as no trading intention or statutory basis for that treatment was established. The revenue's challenge therefore failed. en-us Wed, 06 Jul 2022 00:00:00 +0530 Sat, 09 Jul 2022 08:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424832 A survey statement alone is not conclusive where the assessee produces substantive evidence of genuine share transactions, including demat records, merger-based allotment, sale through authorised brokers, and securities transaction tax payment. On that record, long-term capital gains exemption on the share sale was accepted because the revenue failed to show a colourable device or independent material discrediting the claim. The same transaction also could not be recharacterised as adventure in the nature of trade or as short-term capital gains arising from the merger, as no trading intention or statutory basis for that treatment was established. The revenue's challenge therefore failed. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424832