ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]

The assessee/Legal Heir contented that transactions of sale of shares of Sunrise Asian were genuine transactions undertaken during normal course by the Assessee who had knowledge of the stock-market and had been making investments in shares since many years.
ITAT - ITAT upholds Genuine Nature of Sunrise Asian Share Sales - Sunrise Asian Share Sales - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) decision to uphold the genuine nature of Sunrise Asian share sales resulted in granting Long Term Capital Gain (LTCG) claims under Section 10(38) of the Income Tax Act. Brief facts are that the assessee of an individual had filed her return of income for AY….

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