https://www.taxtmi.com/caselaws?id=446962 The ITAT Delhi ruled in favor of the assessee regarding LTCG on sale of CCL Ltd. shares claimed exempt under section 10(38). The tribunal found that documentary evidence, including demat account records and banking channel transactions, established the transaction's bonafides. Following precedents from Delhi HC in Karuna Garg and Krishna Devi cases, the tribunal held that astronomical share price increases alone cannot justify treating LTCG as accommodation entries. The Revenue failed to prove the transactions were sham, and additions under sections 69A and 69C were deleted. en-us Wed, 13 Dec 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446962 The ITAT Delhi ruled in favor of the assessee regarding LTCG on sale of CCL Ltd. shares claimed exempt under section 10(38). The tribunal found that documentary evidence, including demat account records and banking channel transactions, established the transaction's bonafides. Following precedents from Delhi HC in Karuna Garg and Krishna Devi cases, the tribunal held that astronomical share price increases alone cannot justify treating LTCG as accommodation entries. The Revenue failed to prove the transactions were sham, and additions under sections 69A and 69C were deleted. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446962