https://www.taxtmi.com/caselaws?id=459800 The Calcutta HC considered whether exemption under section 10(38) could be sustained for long-term capital gains arising from share transactions alleged to be accommodation entries and round-tripping of unaccounted money. Applying its earlier decision in the same line of cases, the Court held that the Tribunal had given no independent reasoning and had merely followed a coordinate Bench ruling. As the earlier decision had already been affirmed in favour of the Revenue, the same legal position governed the appeal. The question was answered for the Revenue, and the Tribunal's deletion of the disallowance was not sustained. en-us Mon, 31 Oct 2022 00:00:00 +0530 Sat, 28 Dec 2024 00:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459800 The Calcutta HC considered whether exemption under section 10(38) could be sustained for long-term capital gains arising from share transactions alleged to be accommodation entries and round-tripping of unaccounted money. Applying its earlier decision in the same line of cases, the Court held that the Tribunal had given no independent reasoning and had merely followed a coordinate Bench ruling. As the earlier decision had already been affirmed in favour of the Revenue, the same legal position governed the appeal. The question was answered for the Revenue, and the Tribunal's deletion of the disallowance was not sustained. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459800