Bogus LTCG - exemption u/s.10(38) denied - the assessee ...

Assessee Withdraws LTCG Exemption Claim; Income Reclassified as "Income from Other Sources" u/s 10(38).

July 5, 2022

Case Laws Income Tax AT

Bogus LTCG - exemption u/s.10(38) denied - the assessee submitted a letter withdrawing the LTCG claim u/s 10(38) and offered the same as income. Therefore, once the assessee had withdrawn her claim, now the assessee cannot claim the same as long term capital gain and the income in my opinion has to be treated as “income from other sources”. If the contention of the learned Counsel for the assessee that the same is to be allowed as LTCG is accepted, then the natural corollary will be to allow the same as exempt u/s 10(38) of the I.T. Act and the very nature of the declaration will be defeated. - AT

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Bogus LTCG - exemption u/s.10(38) denied - the assessee ...

Assessee Withdraws LTCG Exemption Claim; Income Reclassified as "Income from Other Sources" u/s 10(38).

July 5, 2022

Case Laws Income Tax AT

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