https://www.taxtmi.com/caselaws?id=391869 The Income Tax Appellate Tribunal (ITAT) upheld the disallowance of the exemption claimed under section 10(38) of the Income-tax Act for long term capital gain on the sale of shares of Pine Animation Limited. The ITAT found the transaction non-genuine based on the significant increase in share price without financial basis, involvement of Pine Animation Limited in accommodation entries, and lack of justification for the gain. Citing legal precedents and lower court judgments, the ITAT dismissed the appeal, aligning with the Assessing Officer's decision and emphasizing the importance of establishing the genuineness of transactions in cases involving suspicious income sources. en-us Thu, 16 Jan 2020 00:00:00 +0530 Sat, 08 Feb 2020 07:40:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391869 The Income Tax Appellate Tribunal (ITAT) upheld the disallowance of the exemption claimed under section 10(38) of the Income-tax Act for long term capital gain on the sale of shares of Pine Animation Limited. The ITAT found the transaction non-genuine based on the significant increase in share price without financial basis, involvement of Pine Animation Limited in accommodation entries, and lack of justification for the gain. Citing legal precedents and lower court judgments, the ITAT dismissed the appeal, aligning with the Assessing Officer's decision and emphasizing the importance of establishing the genuineness of transactions in cases involving suspicious income sources. Case-Laws Income Tax Thu, 16 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391869