The ITAT upheld the CIT(A)'s order allowing the assessee's claim for exemption u/s 10(34A) and taxation...

The ITAT upheld the CIT(A)'s order allowing the assessee's claim for exemption u/s 10(34A) and taxation of Long Term Capital Gains (LTCG) at the special rate u/s 112. The ITAT rejected the AO's disallowance of exemption claimed u/s 10(34A) and treatment of LTCG as income from other sources, denying the benefit of Section 112. The ITAT found no infirmity in the CIT(A)'s well-reasoned order based on facts and law, concluding that the assessee met the conditions for Section 10(34A) exemption and was entitled to the concessional tax rate on LTCG u/s 112. The Revenue's appeal was dismissed on both counts. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X