https://www.taxtmi.com/caselaws?id=765485 Genuine sale of gifted shares supported by recorded consideration and commercial material could not be taxed as unexplained income merely because the Revenue disputed valuation; the capital gain was accepted as genuine and section 68 addition was not sustained. Investment of sale proceeds in acquiring a 60% interest in a residential flat qualified for section 54F relief, even without a registered sale deed, because the transfer and payment were otherwise proved and the provision was applied beneficially. The stamp duty claim was not finally decided and was remanded for verification of its exact link to the share transfer. en-us Tue, 18 Jun 2024 00:00:00 +0530 Sat, 01 Feb 2025 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765485 Genuine sale of gifted shares supported by recorded consideration and commercial material could not be taxed as unexplained income merely because the Revenue disputed valuation; the capital gain was accepted as genuine and section 68 addition was not sustained. Investment of sale proceeds in acquiring a 60% interest in a residential flat qualified for section 54F relief, even without a registered sale deed, because the transfer and payment were otherwise proved and the provision was applied beneficially. The stamp duty claim was not finally decided and was remanded for verification of its exact link to the share transfer. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765485