https://www.taxtmi.com/caselaws?id=763589 ITAT Delhi upheld CIT(A)'s decision allowing assessee's exemption claim under section 10(34A) and special tax rate for LTCG under section 112. AO wrongly denied exemption based on alleged manipulations in earlier years and treated LTCG as income from other sources. CIT(A) found AO's reasoning baseless, noting assessee met all conditions for section 10(34A) exemption and legitimately claimed 20% tax rate on LTCG under section 112. ITAT confirmed purchase transactions from earlier years couldn't be disturbed to deny concessional tax rates. Revenue's appeal dismissed on both counts. en-us Fri, 20 Dec 2024 00:00:00 +0530 Mon, 23 Dec 2024 08:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763589 ITAT Delhi upheld CIT(A)'s decision allowing assessee's exemption claim under section 10(34A) and special tax rate for LTCG under section 112. AO wrongly denied exemption based on alleged manipulations in earlier years and treated LTCG as income from other sources. CIT(A) found AO's reasoning baseless, noting assessee met all conditions for section 10(34A) exemption and legitimately claimed 20% tax rate on LTCG under section 112. ITAT confirmed purchase transactions from earlier years couldn't be disturbed to deny concessional tax rates. Revenue's appeal dismissed on both counts. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763589