https://www.taxtmi.com/caselaws?id=781943 ITAT Kolkata held that the AO acted inconsistently and arbitrarily by treating LTCG from sale of equity shares as bogus while simultaneously accepting STCG from sale of shares of the same company as genuine. Both LTCG (claimed exempt under Section 10(38)) and STCG (taxed under Section 111A) arose from transactions in shares of Midland Polymer Ltd. The Tribunal found no rational basis for distinguishing between the two categories of gains and characterized the AO's approach as capricious and whimsical. Accordingly, the LTCG was directed to be accepted as genuine, and the assessee's appeal was allowed. en-us Wed, 19 Nov 2025 00:00:00 +0530 Sat, 22 Nov 2025 07:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781943 ITAT Kolkata held that the AO acted inconsistently and arbitrarily by treating LTCG from sale of equity shares as bogus while simultaneously accepting STCG from sale of shares of the same company as genuine. Both LTCG (claimed exempt under Section 10(38)) and STCG (taxed under Section 111A) arose from transactions in shares of Midland Polymer Ltd. The Tribunal found no rational basis for distinguishing between the two categories of gains and characterized the AO's approach as capricious and whimsical. Accordingly, the LTCG was directed to be accepted as genuine, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781943