https://www.taxtmi.com/caselaws?id=358342 The ITAT Jaipur ruled in favor of the assessee regarding alleged bogus long term capital gains claimed as exempt under section 10(38). The AO had treated the share transactions as fictitious based on a statement by Shri Deepak Patwari, similar to evidence used in Shri Pramod Jain's case. The Tribunal found that since purchase consideration was paid by cheque directly to the company and the company subsequently merged under a HC-approved scheme, the transactions could not be deemed bogus. Following the coordinate bench decision in Shri Pramod Jain vs. DCIT, the Tribunal held that the AO's addition was based merely on suspicion without cogent material to controvert the assessee's evidence. The AO failed to establish that unaccounted income was converted into long term capital gains. The addition was deleted. en-us Fri, 06 Apr 2018 00:00:00 +0530 Mon, 21 Jul 2025 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358342 The ITAT Jaipur ruled in favor of the assessee regarding alleged bogus long term capital gains claimed as exempt under section 10(38). The AO had treated the share transactions as fictitious based on a statement by Shri Deepak Patwari, similar to evidence used in Shri Pramod Jain's case. The Tribunal found that since purchase consideration was paid by cheque directly to the company and the company subsequently merged under a HC-approved scheme, the transactions could not be deemed bogus. Following the coordinate bench decision in Shri Pramod Jain vs. DCIT, the Tribunal held that the AO's addition was based merely on suspicion without cogent material to controvert the assessee's evidence. The AO failed to establish that unaccounted income was converted into long term capital gains. The addition was deleted. Case-Laws Income Tax Fri, 06 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358342