https://www.taxtmi.com/caselaws?id=456020 ITAT Pune upheld addition under section 68 for bogus long-term capital gains, denying exemption under section 10(38). The tribunal found the assessee obtained accommodation entries through penny stock transactions with no economic basis for price rise. Following precedent in Ravi Bhaskar Wattamwar and Delhi HC decision in Suman Poddar, the tribunal held the gains were rightfully assessed as undisclosed income rather than genuine capital gains. The assessee's appeal was dismissed. en-us Tue, 28 Jun 2022 00:00:00 +0530 Sat, 22 Jun 2024 07:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456020 ITAT Pune upheld addition under section 68 for bogus long-term capital gains, denying exemption under section 10(38). The tribunal found the assessee obtained accommodation entries through penny stock transactions with no economic basis for price rise. Following precedent in Ravi Bhaskar Wattamwar and Delhi HC decision in Suman Poddar, the tribunal held the gains were rightfully assessed as undisclosed income rather than genuine capital gains. The assessee's appeal was dismissed. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456020