https://www.taxtmi.com/caselaws?id=457036 ITAT Pune dismissed the assessee's appeal challenging addition under section 68 for bogus long-term capital gains. The tribunal upheld CIT(A)'s finding that transactions with paper companies were suspicious and constituted sham transactions. The claimed long-term capital gains exemption under section 10(38) was denied. The tribunal agreed with CIT(A)'s detailed reasoning, which relied on Bombay HC precedent in Sanjay Bimalchand Jain case, confirming the transactions as non-genuine share dealings warranting addition under section 68. en-us Thu, 05 Jan 2023 00:00:00 +0530 Mon, 02 Sep 2024 15:46:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457036 ITAT Pune dismissed the assessee's appeal challenging addition under section 68 for bogus long-term capital gains. The tribunal upheld CIT(A)'s finding that transactions with paper companies were suspicious and constituted sham transactions. The claimed long-term capital gains exemption under section 10(38) was denied. The tribunal agreed with CIT(A)'s detailed reasoning, which relied on Bombay HC precedent in Sanjay Bimalchand Jain case, confirming the transactions as non-genuine share dealings warranting addition under section 68. Case-Laws Income Tax Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457036