Shares Held for 33 Months, Sold on Recognized Exchange, and STT Duly Paid: ITAT Rejects Revenue’s Allegation of Bogus LTCG u/s 68

The ITAT has ruled that "shares held for 33 months, sold on a recognized exchange," and with "STT duly paid," cannot be considered "bogus LTCG under Section 68," rejecting the revenue's allegation. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person.