https://www.taxtmi.com/caselaws?id=775427 The ITAT Delhi allowed the revision under section 263 challenging the AO's acceptance of LTCG exemption under section 10(38). The tribunal found that the purchase and sale transactions of shares were bona fide, supported by documentary evidence, and conducted through proper banking and demat channels. The assessee successfully demonstrated that the gains qualified as LTCG. The PCIT's order, based solely on audit objections without proper application of mind, was held to be legally impermissible and was set aside. Grounds of appeal 1 and 2 were allowed accordingly. en-us Tue, 22 Jul 2025 00:00:00 +0530 Fri, 25 Jul 2025 08:28:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775427 The ITAT Delhi allowed the revision under section 263 challenging the AO's acceptance of LTCG exemption under section 10(38). The tribunal found that the purchase and sale transactions of shares were bona fide, supported by documentary evidence, and conducted through proper banking and demat channels. The assessee successfully demonstrated that the gains qualified as LTCG. The PCIT's order, based solely on audit objections without proper application of mind, was held to be legally impermissible and was set aside. Grounds of appeal 1 and 2 were allowed accordingly. Case-Laws Income Tax Tue, 22 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775427