https://www.taxtmi.com/caselaws?id=430637 The appellant's claim for exemption of capital gains under section 10(38) of the Income Tax Act was denied due to suspicions regarding transactions involving shares of SRK Industries Ltd. Allegations of involvement in suspicious transactions related to long-term capital gains were not rebutted by the appellant, leading to the addition of sale proceeds as unexplained cash credit. The appellant failed to substantiate the genuineness of purchase and sale transactions despite opportunities, resulting in the addition of sale proceeds under section 68 of the Act. The Tribunal upheld the decision, considering fraud vitiates everything, concluding the transaction was void ab initio. en-us Tue, 22 Nov 2022 00:00:00 +0530 Thu, 24 Nov 2022 09:06:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430637 The appellant's claim for exemption of capital gains under section 10(38) of the Income Tax Act was denied due to suspicions regarding transactions involving shares of SRK Industries Ltd. Allegations of involvement in suspicious transactions related to long-term capital gains were not rebutted by the appellant, leading to the addition of sale proceeds as unexplained cash credit. The appellant failed to substantiate the genuineness of purchase and sale transactions despite opportunities, resulting in the addition of sale proceeds under section 68 of the Act. The Tribunal upheld the decision, considering fraud vitiates everything, concluding the transaction was void ab initio. Case-Laws Income Tax Tue, 22 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430637