https://www.taxtmi.com/caselaws?id=409207 The ITAT allowed the appeal of the assessee, directing the AO to permit the claim of exemption for Rs. 37,05,325 under Section 10(38) of the Income Tax Act. The ITAT found the AO's disallowance of the exemption unsupported by concrete evidence and based on assumptions, emphasizing the genuine nature of the share transactions and the lack of nexus between the assessee and the purchaser of shares. The ITAT also noted the lifting of the SEBI ban on the scrip in question, further supporting the genuineness of the transactions. en-us Tue, 29 Jun 2021 00:00:00 +0530 Thu, 01 Jul 2021 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409207 The ITAT allowed the appeal of the assessee, directing the AO to permit the claim of exemption for Rs. 37,05,325 under Section 10(38) of the Income Tax Act. The ITAT found the AO's disallowance of the exemption unsupported by concrete evidence and based on assumptions, emphasizing the genuine nature of the share transactions and the lack of nexus between the assessee and the purchaser of shares. The ITAT also noted the lifting of the SEBI ban on the scrip in question, further supporting the genuineness of the transactions. Case-Laws Income Tax Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409207