https://www.taxtmi.com/caselaws?id=757413 The ITAT Mumbai held that shares sold after 31 months of holding should be classified as long-term capital assets under the law applicable for AY 2013-14, as the amendment restricting unlisted shares to 12 months applied only from AY 2015-16. Following Exim Rajathi India (P) Ltd., the tribunal set aside the CIT(A)'s findings and directed the AO to treat gains as long-term capital gains and reconsider the Section 54F exemption claim. Additionally, cash deposits of Rs. 3,08,600 were held justified given the assessee's substantial returned income exceeding Rs. 50 lakhs and sale consideration over Rs. 2 crores, directing deletion of the addition. en-us Wed, 21 Aug 2024 00:00:00 +0530 Fri, 23 Aug 2024 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757413 The ITAT Mumbai held that shares sold after 31 months of holding should be classified as long-term capital assets under the law applicable for AY 2013-14, as the amendment restricting unlisted shares to 12 months applied only from AY 2015-16. Following Exim Rajathi India (P) Ltd., the tribunal set aside the CIT(A)'s findings and directed the AO to treat gains as long-term capital gains and reconsider the Section 54F exemption claim. Additionally, cash deposits of Rs. 3,08,600 were held justified given the assessee's substantial returned income exceeding Rs. 50 lakhs and sale consideration over Rs. 2 crores, directing deletion of the addition. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757413