Ravi Kumar Prasad Vs ITO, Ward-48(2), Kolkata
Case No: ITA No.889/KOL/2025
Court: Income Tax Appellate Tribunal "SMC" Bench Kolkata
Date: 1/12/2026
Parties Involved
appellantRavi Kumar Prasad
respondentITO, Ward-48(2), Kolkata
Facts Summary
The assessee, Ravi Kumar Prasad, purchased 2,00,000 shares of M/s Panchshul Marketing Ltd. offline on 11/06/2012 for Rs.2,00,000/-. Subsequently, M/s Panchshul Marketing Ltd. amalgamated with M/s Kailash Auto Finance Ltd. by the order of the Honble Allahabad High Court dated 09/05/2013. The assessee was allotted 2,00,000 shares in Kailash Auto Finance Ltd. in lieu of the shares held in Panchshul Marketing Ltd. These shares were sold between August 2014 and February 2015 for Rs.24,54,434/-. The a…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee is entitled to exemption under section 10(38) of the Act for long-term capital gains on the sale of shares of Kailash Auto Finance Ltd.?
Precedents Relied Upon
3 precedents cited in this judgement.