Daily Archives: March 4, 2025

 Exemption under Section 10(38) Allowed for Long-Term Capital Gains from Shares Issue: Whether the exemption claimed under Section 10(38) of the Income-tax Act, 1961, for long-term capital gains on the sale of shares can be denied on the grounds that the shares were penny stocks used for generating bogus gains. Facts: The assessee filed a… Read More »

Tax Exemption Granted to Town Planning Authority for Public Welfare Activities Key Issues and Decisions: I. Charitable Purpose and Tax Exemption: Issue: Whether a town planning authority, created under the Karnataka Town and Country Planning Act, 1961, qualifies for tax exemption under Sections 11 and 12 of the Income-tax Act, 1961, for its public welfare… Read More »