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TMI BlogThe case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of...The case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of shares for creating infrastructure facilities. The key points are: The assessee claimed exemption for long-term capital gains from the sale of shares acquired before 1.4.1997 for setting up an infrastructure facility. The Assessing Officer granted the exemption. The appellant objected, arguing that Section 10(23G) was not applicable before 1.4.1997. However, the CBDT clarified through a press release that the exemption u/s 10(23G) would apply to investments made before 1.6.1998, even prior to the amendment. The Income Tax Appellate Tribunal correctly observed that the issue was resolved by the CBDT's clarification. The purchase of shares ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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