https://www.taxtmi.com/caselaws?id=759273 ITAT Mumbai allowed the assessee's appeal regarding long-term capital gains exemption under section 10(38). The AO had treated sale proceeds from share transactions as unexplained income under section 68, disallowing the exemption by characterizing it as bogus LTCG. The tribunal relied on a coordinate bench decision in Sanket Shailendra Modi case involving identical facts and transactions in identical scrip. The tribunal directed the AO to delete the addition and allow the section 10(38) exemption claim, deciding in favor of the assessee. en-us Mon, 09 Sep 2024 00:00:00 +0530 Thu, 26 Sep 2024 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759273 ITAT Mumbai allowed the assessee's appeal regarding long-term capital gains exemption under section 10(38). The AO had treated sale proceeds from share transactions as unexplained income under section 68, disallowing the exemption by characterizing it as bogus LTCG. The tribunal relied on a coordinate bench decision in Sanket Shailendra Modi case involving identical facts and transactions in identical scrip. The tribunal directed the AO to delete the addition and allow the section 10(38) exemption claim, deciding in favor of the assessee. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759273