https://www.taxtmi.com/caselaws?id=430386 The appeals challenged the disallowance of exemption claims under section 10(38) of the Act for long-term capital gains and bogus losses from the sale of equity shares. The Tribunal, following the High Court's judgments, upheld the additions made by the Assessing Officer in all cases, dismissing the appeals and affirming the decisions of the CIT(Appeals). The Tribunal found that the assessees had engaged in obtaining accommodation entries for bogus gains and losses through penny stock companies, aligning with the High Court's findings in similar cases. en-us Mon, 19 Sep 2022 00:00:00 +0530 Fri, 18 Nov 2022 10:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430386 The appeals challenged the disallowance of exemption claims under section 10(38) of the Act for long-term capital gains and bogus losses from the sale of equity shares. The Tribunal, following the High Court's judgments, upheld the additions made by the Assessing Officer in all cases, dismissing the appeals and affirming the decisions of the CIT(Appeals). The Tribunal found that the assessees had engaged in obtaining accommodation entries for bogus gains and losses through penny stock companies, aligning with the High Court's findings in similar cases. Case-Laws Income Tax Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430386