https://www.taxtmi.com/caselaws?id=432459 The appeal was dismissed, upholding the findings of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) [CIT(A)]. The denial of exemption under Section 10(38) of the Income Tax Act for long-term capital gains on shares was affirmed due to the transactions being deemed bogus and aimed at claiming undue tax benefits. The cash payments for share purchases were not recognized as genuine, lack of opportunity for cross-examination was deemed unjustified, and additions based on surmises and conjectures were upheld. The order was pronounced on 28th September 2022 at Ahmedabad. en-us Wed, 28 Sep 2022 00:00:00 +0530 Thu, 05 Jan 2023 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432459 The appeal was dismissed, upholding the findings of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) [CIT(A)]. The denial of exemption under Section 10(38) of the Income Tax Act for long-term capital gains on shares was affirmed due to the transactions being deemed bogus and aimed at claiming undue tax benefits. The cash payments for share purchases were not recognized as genuine, lack of opportunity for cross-examination was deemed unjustified, and additions based on surmises and conjectures were upheld. The order was pronounced on 28th September 2022 at Ahmedabad. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432459