https://www.taxtmi.com/caselaws?id=433792 The Tribunal confirmed the denial of exemption of capital gains under section 10(38) of the Income Tax Act, citing fraudulent dealings and misuse of the stock exchange system, leading to the conclusion that the claim was not genuine. The Tribunal also upheld the decision regarding the genuineness of transactions of purchase and sales of shares, deeming them void ab initio due to the appellant's failure to substantiate the transactions' authenticity and withholding crucial information. The appellant's appeal was dismissed based on the fraudulent nature of the transactions and the lack of merit in challenging the authorities' decisions. en-us Tue, 31 Jan 2023 00:00:00 +0530 Thu, 09 Feb 2023 10:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433792 The Tribunal confirmed the denial of exemption of capital gains under section 10(38) of the Income Tax Act, citing fraudulent dealings and misuse of the stock exchange system, leading to the conclusion that the claim was not genuine. The Tribunal also upheld the decision regarding the genuineness of transactions of purchase and sales of shares, deeming them void ab initio due to the appellant's failure to substantiate the transactions' authenticity and withholding crucial information. The appellant's appeal was dismissed based on the fraudulent nature of the transactions and the lack of merit in challenging the authorities' decisions. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433792