Crypto gains before FY23 eligible for tax exemptions: ITAT

An Income Tax Appellate Tribunal (ITAT) bench has ruled that profits from cryptocurrency sales before April 1, 2022, will be treated as capital gains. Taxpayers can benefit from tax deductions on such gains under the Income Tax Act, ITAT said. The government introduced regulations for virtual digital assets in 2022 which ruled out tax exemptions for them.