Non-disclosure of LTCG from Sale of shares does not Affect Revenue Interest, Revisionary Proceedings deemed Illegal: Gauhati High Court [Read Order]

Even if Rs. 5,30,257/- was considered as LTCG, it would not have resulted in further tax liability, causing no prejudice to the department
Gauhati high- court - gauhati hc gauhati hc news - Sale of shares Revenue - Interest - TAXSCAN

The Gauhati High Court ruled that the Non-disclosure of the Long Term Capital Gain from sale of shares does not affect revenue’s interest or cause any loss as it is exempted from Income Tax under Section 10(38) of the Income Tax Act 1961. Thus, the court set aside and quashed the proceedings subsequent ex-parte Order….

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