https://www.taxtmi.com/caselaws?id=754377 ITAT Ahmedabad allowed assessee's claim for long term capital gains exemption u/s 10(38) despite AO's finding that share transactions in SRK Industries Ltd. were bogus based on investigation report identifying it as penny stock company. Tribunal held AO failed to prove collusion between broker and assessee or provide cross-examination opportunity regarding statements relied upon. Following Gujarat HC precedent in Himani M. Vakil case, where assessee proved transaction genuineness through contract notes, bank statements, and demat records, the exemption was upheld. Revenue's appeal was dismissed as lacking merit. en-us Wed, 19 Jun 2024 00:00:00 +0530 Sat, 22 Jun 2024 08:37:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754377 ITAT Ahmedabad allowed assessee's claim for long term capital gains exemption u/s 10(38) despite AO's finding that share transactions in SRK Industries Ltd. were bogus based on investigation report identifying it as penny stock company. Tribunal held AO failed to prove collusion between broker and assessee or provide cross-examination opportunity regarding statements relied upon. Following Gujarat HC precedent in Himani M. Vakil case, where assessee proved transaction genuineness through contract notes, bank statements, and demat records, the exemption was upheld. Revenue's appeal was dismissed as lacking merit. Case-Laws Income Tax Wed, 19 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754377