https://www.taxtmi.com/caselaws?id=760403 The Telangana HC dismissed the appeal regarding exemption under section 10(23G) for long-term capital gains. The assessee purchased shares in February 1996 for infrastructure facility creation. The appellant argued that section 10(23G) exemption was unavailable for pre-1997 years. The HC rejected this contention, noting CBDT's clarification that exemptions under section 10(23G) prior to amendment would continue governing investments made before June 1998. The court held that purchasing shares for infrastructure facilities constitutes capital expenditure, not income, thus exempt from taxation. The Tribunal's order was confirmed. en-us Tue, 15 Oct 2024 00:00:00 +0530 Sat, 19 Oct 2024 13:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760403 The Telangana HC dismissed the appeal regarding exemption under section 10(23G) for long-term capital gains. The assessee purchased shares in February 1996 for infrastructure facility creation. The appellant argued that section 10(23G) exemption was unavailable for pre-1997 years. The HC rejected this contention, noting CBDT's clarification that exemptions under section 10(23G) prior to amendment would continue governing investments made before June 1998. The court held that purchasing shares for infrastructure facilities constitutes capital expenditure, not income, thus exempt from taxation. The Tribunal's order was confirmed. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760403