AdvertisementSmt. Reshmiben P. Kanugo Vs ITO (ITAT Ahmedabad) The appeals arose from assessment orders passed under Section 143(3) for Assessment Year 2014–15, wherein the Assessing Officer treated the assessees’ long-term capital gains from the sale of shares of Shree Shaleen Textiles Ltd. as unexplained cash credits under Section 68 and denied exemption under Section 10(38). In the lead case of Smt. Reshmiben P. Kanugo, the assessee had purchased 500 shares of Shree Shaleen Textiles Ltd., subsequently received bonus shares and subdivision benefits, and ultimately sold 50,000 shares for ₹31,60,0...