AdvertisementSuresh M. Jain HUF Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, disposed of three connected appeals filed by Suresh M. Jain HUF, Heena Suresh Jain, and Rameshkumar Mohanlal Jain for Assessment Year 2014-15, as all involved identical issues relating to long-term capital gains (LTCG) claimed as exempt under Section 10(38) of the Income-tax Act, 1961. The lead appeal concerned Suresh M. Jain HUF, which had declared exempt LTCG arising from the sale of shares of Shree Shalin Textiles Ltd. The Assessing Officer (AO), relying on reports of the Investigation Wing, treated th...