https://www.taxtmi.com/caselaws?id=456148 Gujarat HC upheld Tribunal's decision favoring assessee in bogus LTCG exemption case under section 10(38). Revenue alleged pre-arranged sham transactions similar to penny stock manipulation. Tribunal found no evidence that assessee or broker was involved in price rigging of shares. Court confirmed assessee acted in good faith and AO's assumptions were misconceived. CIT(A)'s order dismissing revenue's appeal was upheld. en-us Mon, 11 Sep 2023 00:00:00 +0530 Tue, 12 May 2026 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456148 Gujarat HC upheld Tribunal's decision favoring assessee in bogus LTCG exemption case under section 10(38). Revenue alleged pre-arranged sham transactions similar to penny stock manipulation. Tribunal found no evidence that assessee or broker was involved in price rigging of shares. Court confirmed assessee acted in good faith and AO's assumptions were misconceived. CIT(A)'s order dismissing revenue's appeal was upheld. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456148