https://www.taxtmi.com/caselaws?id=448460 ITAT Ahmedabad upheld denial of LTCG exemption u/s 10(38) for share transactions deemed bogus. Assessee purchased scrip at Rs. 20 when market price was Rs. 17.45, then sold at exorbitant prices following suspicious price increases. Revenue doubted genuineness of both purchase and sale transactions. Broker's credibility was questioned without adequate explanation from assessee. Relying on Delhi HC decision in Udit Kalra case treating similar scrips as non-genuine, tribunal confirmed AO and CIT(A) findings that LTCG claim was bogus despite Demat statement evidence. Appeal dismissed. en-us Wed, 17 Jan 2024 00:00:00 +0530 Thu, 18 Jan 2024 22:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448460 ITAT Ahmedabad upheld denial of LTCG exemption u/s 10(38) for share transactions deemed bogus. Assessee purchased scrip at Rs. 20 when market price was Rs. 17.45, then sold at exorbitant prices following suspicious price increases. Revenue doubted genuineness of both purchase and sale transactions. Broker's credibility was questioned without adequate explanation from assessee. Relying on Delhi HC decision in Udit Kalra case treating similar scrips as non-genuine, tribunal confirmed AO and CIT(A) findings that LTCG claim was bogus despite Demat statement evidence. Appeal dismissed. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448460