https://www.taxtmi.com/caselaws?id=773650 The ITAT Chandigarh allowed the assessee's appeal regarding bogus LTCG claims. The assessee received shares of Twenty First Century India Ltd through court-approved amalgamation, with the Income Tax Department having provided a No Objection Certificate to the Calcutta HC. The tribunal held that the department cannot subsequently claim the company is a paper company after approving the amalgamation. Additionally, the AO made additions based on alleged trading in DLC Exports Ltd shares without documentary evidence, which the tribunal deleted. The exemption under section 10(38) was allowed. en-us Mon, 23 Jun 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773650 The ITAT Chandigarh allowed the assessee's appeal regarding bogus LTCG claims. The assessee received shares of Twenty First Century India Ltd through court-approved amalgamation, with the Income Tax Department having provided a No Objection Certificate to the Calcutta HC. The tribunal held that the department cannot subsequently claim the company is a paper company after approving the amalgamation. Additionally, the AO made additions based on alleged trading in DLC Exports Ltd shares without documentary evidence, which the tribunal deleted. The exemption under section 10(38) was allowed. Case-Laws Income Tax Mon, 23 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773650