https://www.taxtmi.com/caselaws?id=391077 The Tribunal dismissed the appeal, upholding the disallowance of the exemption claimed under section 10(38) of the Income-tax Act, 1961 for long term capital gain on the sale of equity shares. The decision was based on findings that the shares involved were linked to suspicious transactions, lacked financial justification for price escalation, and were associated with a company involved in providing accommodation entries. The Tribunal emphasized the importance of considering the substance of transactions over their form, ultimately affirming the addition of the long term capital gain amount to the assessee's income. en-us Thu, 16 Jan 2020 00:00:00 +0530 Sat, 18 Jan 2020 13:28:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391077 The Tribunal dismissed the appeal, upholding the disallowance of the exemption claimed under section 10(38) of the Income-tax Act, 1961 for long term capital gain on the sale of equity shares. The decision was based on findings that the shares involved were linked to suspicious transactions, lacked financial justification for price escalation, and were associated with a company involved in providing accommodation entries. The Tribunal emphasized the importance of considering the substance of transactions over their form, ultimately affirming the addition of the long term capital gain amount to the assessee's income. Case-Laws Income Tax Thu, 16 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391077