https://www.taxtmi.com/caselaws?id=313979 ITAT Indore ruled in favor of the assessee regarding exemption of Long Term Capital Gain under section 10(38) from sale of equity shares. The tribunal rejected the revenue's claim that the transactions were bogus, noting that shares were sold through recognized stock exchange via Demat account. Following Delhi HC precedent in Krishna Devi case and citing Mumbai and Jaipur ITAT decisions, the tribunal held that tax authorities failed to provide cogent material to sustain the addition under section 68, confirming the transactions were genuine and eligible for exemption. en-us Fri, 30 Apr 2021 00:00:00 +0530 Sat, 11 May 2024 08:33:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313979 ITAT Indore ruled in favor of the assessee regarding exemption of Long Term Capital Gain under section 10(38) from sale of equity shares. The tribunal rejected the revenue's claim that the transactions were bogus, noting that shares were sold through recognized stock exchange via Demat account. Following Delhi HC precedent in Krishna Devi case and citing Mumbai and Jaipur ITAT decisions, the tribunal held that tax authorities failed to provide cogent material to sustain the addition under section 68, confirming the transactions were genuine and eligible for exemption. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313979