In the result, all the captioned appeals of the assessee stand allowed
Bench: Sri Sanjay Garg & Shri Sanjay Awasthi
transfer of Long Term Capital Assets being an equity share in a company or a unit of an equity oriented fund, on which STT is paid, is exempt from taxation point of view. These beneficiary provisions of the Income-tax Act, 1961 have been misused by the syndicates to arrange accommodation entry of bogus Long Term Capital Gain through trading