https://www.taxtmi.com/caselaws?id=767989 ITAT held that long-term capital gains claimed on trading in a thinly traded penny scrip were not genuine and denied exemption under s.10(38). The tribunal affirmed the AO/CIT(A), finding concerted price manipulation, disproportionate 400% rise unsupported by financials, DGIT/SEBI inquiries and broker statements indicating sham transactions. Documentary evidence like contract notes, STT payment and banking entries was insufficient to prove genuineness. The appeal was dismissed and the assessment upheld against the assessee. en-us Fri, 21 Mar 2025 00:00:00 +0530 Mon, 18 Aug 2025 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767989 ITAT held that long-term capital gains claimed on trading in a thinly traded penny scrip were not genuine and denied exemption under s.10(38). The tribunal affirmed the AO/CIT(A), finding concerted price manipulation, disproportionate 400% rise unsupported by financials, DGIT/SEBI inquiries and broker statements indicating sham transactions. Documentary evidence like contract notes, STT payment and banking entries was insufficient to prove genuineness. The appeal was dismissed and the assessment upheld against the assessee. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767989