https://www.taxtmi.com/caselaws?id=429845 The Tribunal dismissed the appeals, upholding the disallowance of the LTCG exemption under section 10(38) of the Income Tax Act, 1961, and the addition of commission expenditure. The Tribunal affirmed that the transactions involving penny stock companies were not genuine and were orchestrated for tax evasion purposes. The decisions of the CIT(A) were upheld based on the lack of satisfactory explanations provided by the assessees regarding the genuineness of the transactions and the commission expenditure incurred. en-us Wed, 03 Aug 2022 00:00:00 +0530 Sat, 05 Nov 2022 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429845 The Tribunal dismissed the appeals, upholding the disallowance of the LTCG exemption under section 10(38) of the Income Tax Act, 1961, and the addition of commission expenditure. The Tribunal affirmed that the transactions involving penny stock companies were not genuine and were orchestrated for tax evasion purposes. The decisions of the CIT(A) were upheld based on the lack of satisfactory explanations provided by the assessees regarding the genuineness of the transactions and the commission expenditure incurred. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429845