https://www.taxtmi.com/caselaws?id=776567 The ITAT Ahmedabad upheld the CIT(A)'s findings, rejecting the Revenue's addition under section 68 for alleged bogus LTCG, as the assessee trust established the genuineness and creditworthiness of the share transactions. The source of funds from a Mauritius-based company did not render the transaction inauthentic. The denial of exemption under sections 11 and 12 by invoking section 13(1)(c) read with section 13(3) was also overturned, as none of the clauses under section 13(2) applied. The shares were sold to a third party at a fair or higher price, not benefiting the trustee directly or indirectly. The sale within one year complied with proviso (iia) to section 13(1)(d), negating any claim of a colourable device. The appeal by Revenue was dismissed, and the exemption was granted in favor of the assessee trust. en-us Tue, 05 Aug 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776567 The ITAT Ahmedabad upheld the CIT(A)'s findings, rejecting the Revenue's addition under section 68 for alleged bogus LTCG, as the assessee trust established the genuineness and creditworthiness of the share transactions. The source of funds from a Mauritius-based company did not render the transaction inauthentic. The denial of exemption under sections 11 and 12 by invoking section 13(1)(c) read with section 13(3) was also overturned, as none of the clauses under section 13(2) applied. The shares were sold to a third party at a fair or higher price, not benefiting the trustee directly or indirectly. The sale within one year complied with proviso (iia) to section 13(1)(d), negating any claim of a colourable device. The appeal by Revenue was dismissed, and the exemption was granted in favor of the assessee trust. Case-Laws Income Tax Tue, 05 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776567