https://www.taxtmi.com/caselaws?id=752448 The MP HC upheld ITAT's deletion of addition regarding alleged bogus LTCG transactions in Sunrise Asian Ltd. shares. The court found that shares were listed on BSE, purchased through demat account, payments made through banking channels, and STT paid, fulfilling all conditions for section 10(38) exemption. The court rejected revenue's contention that shares were bogus, noting they were lawfully issued under Companies Act with proper procedures. The investigation report relied upon by AO was never provided to assessee, violating natural justice principles. Mumbai ITAT had decided similar cases involving same scrip in favor of assessees. No substantial question of law arose. en-us Tue, 30 Apr 2024 00:00:00 +0530 Thu, 09 May 2024 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752448 The MP HC upheld ITAT's deletion of addition regarding alleged bogus LTCG transactions in Sunrise Asian Ltd. shares. The court found that shares were listed on BSE, purchased through demat account, payments made through banking channels, and STT paid, fulfilling all conditions for section 10(38) exemption. The court rejected revenue's contention that shares were bogus, noting they were lawfully issued under Companies Act with proper procedures. The investigation report relied upon by AO was never provided to assessee, violating natural justice principles. Mumbai ITAT had decided similar cases involving same scrip in favor of assessees. No substantial question of law arose. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752448