https://www.taxtmi.com/caselaws?id=450826 ITAT Panaji dismissed the appeal challenging addition under section 68 and denial of capital gains exemption under section 10(38). The tribunal found the appellant obtained bogus long-term capital gains through fraudulent accommodation entries from Calcutta-based providers, deliberately withholding information from authorities. The share purchase and sale transactions were held void ab-initio, constituting sham arrangements designed to convert undisclosed income into legitimate book entries. The tribunal confirmed the Assessing Officer and CIT(A) orders, ruling against the assessee. en-us Tue, 18 Jul 2023 00:00:00 +0530 Thu, 14 Mar 2024 07:43:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450826 ITAT Panaji dismissed the appeal challenging addition under section 68 and denial of capital gains exemption under section 10(38). The tribunal found the appellant obtained bogus long-term capital gains through fraudulent accommodation entries from Calcutta-based providers, deliberately withholding information from authorities. The share purchase and sale transactions were held void ab-initio, constituting sham arrangements designed to convert undisclosed income into legitimate book entries. The tribunal confirmed the Assessing Officer and CIT(A) orders, ruling against the assessee. Case-Laws Income Tax Tue, 18 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450826