https://www.taxtmi.com/caselaws?id=753490 The ITAT Mumbai allowed the assessee's appeal regarding reopening of assessment under section 147 beyond four years and disallowance of LTCG exemption under section 10(38). The tribunal held that reopening was invalid as the assessee had fully disclosed material facts regarding the LTCG claim. For the section 68 addition, the tribunal found the assessee had discharged prima facie burden by providing purchase notes, bank statements, contract notes, STT details, and demat statements. The shares were purchased off-market but later dematerialized and sold on stock exchange after 2.5 years with no specific allegations of rigging against the assessee. en-us Thu, 30 May 2024 00:00:00 +0530 Mon, 03 Jun 2024 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753490 The ITAT Mumbai allowed the assessee's appeal regarding reopening of assessment under section 147 beyond four years and disallowance of LTCG exemption under section 10(38). The tribunal held that reopening was invalid as the assessee had fully disclosed material facts regarding the LTCG claim. For the section 68 addition, the tribunal found the assessee had discharged prima facie burden by providing purchase notes, bank statements, contract notes, STT details, and demat statements. The shares were purchased off-market but later dematerialized and sold on stock exchange after 2.5 years with no specific allegations of rigging against the assessee. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753490