Long term capital gain on sale of shares of a listed company

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2015 one of my client has purchased shares of a listed company and after that the company was taken over by another listed company by issuing 1:1 share.
The client now afterwards sold the share after 1 year (i.E LTCG) at rs 40 per share which was originally purchased at rs 1 .
further client has filed the itr without showing the LTCG.
what should be the tax implication and procedings of the same and if the case is opened in scrutiny what are the points client can say?

RahulMehta

RahulMehta (Expert)

28 September 2015 file revised return or rectification before the proceedings start

RahulMehta

RahulMehta (Expert)

28 September 2015 although AO can do nothing since tax amount will be zero...you can take it to appeal level if he imposes any penalty.

You can claim exemption before CIT(A).

Refer this case

https://indiankanoon.org/doc/718801/

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2015 THANK YOU BHAI IT WAS REALLY HELPFUL

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