https://www.taxtmi.com/caselaws?id=313313 ITAT Pune denied exemption under section 10(38) for alleged bogus long-term capital gains. The tribunal relied on investigation reports from the Department's Investigation Wing and SEBI findings. Applying the principle that fraud vitiates everything, the tribunal confirmed the addition made by the Assessing Officer. The appellant deliberately withheld information from authorities to establish transaction genuineness. Following SC precedent in Friends Trading Co. vs. Union of India, the tribunal held that fraudulent transactions are void ab initio, natural justice principles don't apply, and the Department was justified in invoking extended limitation period. Appeal dismissed. en-us Mon, 04 Sep 2023 00:00:00 +0530 Sat, 06 Apr 2024 05:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313313 ITAT Pune denied exemption under section 10(38) for alleged bogus long-term capital gains. The tribunal relied on investigation reports from the Department's Investigation Wing and SEBI findings. Applying the principle that fraud vitiates everything, the tribunal confirmed the addition made by the Assessing Officer. The appellant deliberately withheld information from authorities to establish transaction genuineness. Following SC precedent in Friends Trading Co. vs. Union of India, the tribunal held that fraudulent transactions are void ab initio, natural justice principles don't apply, and the Department was justified in invoking extended limitation period. Appeal dismissed. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313313