https://www.taxtmi.com/caselaws?id=772109 ITAT Chandigarh held that PCIT's revision u/s 263 challenging exemption of LTCG u/s 10(38) on shares received through amalgamation was not tenable. The assessee received shares from amalgamated companies approved by HC and sold them claiming LTCG exemption. AO had accepted the claim after considering all aspects. PCIT relied on third-party statement recorded without assessee's presence in separate proceedings, which lacked corroborative evidence. The tribunal ruled that AO's decision was a possible view on facts, and PCIT failed to establish it was erroneous or prejudicial to revenue interest. en-us Mon, 19 May 2025 00:00:00 +0530 Wed, 04 Jun 2025 08:40:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772109 ITAT Chandigarh held that PCIT's revision u/s 263 challenging exemption of LTCG u/s 10(38) on shares received through amalgamation was not tenable. The assessee received shares from amalgamated companies approved by HC and sold them claiming LTCG exemption. AO had accepted the claim after considering all aspects. PCIT relied on third-party statement recorded without assessee's presence in separate proceedings, which lacked corroborative evidence. The tribunal ruled that AO's decision was a possible view on facts, and PCIT failed to establish it was erroneous or prejudicial to revenue interest. Case-Laws Income Tax Mon, 19 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772109