https://www.taxtmi.com/caselaws?id=461325 The ITAT Mumbai denied the assessee's claim for exemption under section 10(38) for long-term capital gains after the AO received information from the Investigation Wing revealing manipulated accounts to generate bogus LTCG entries. The tribunal found the transactions were not genuine and constituted make-believe agreements. Additionally, the ITAT upheld the AO's addition of 3% commission payment for accommodation entries from intermediaries, ruling that such commission payments were a corollary to the fraudulent transactions. The Revenue's appeal was allowed, confirming both the LTCG and commission additions. en-us Fri, 26 Jul 2024 00:00:00 +0530 Fri, 28 Mar 2025 19:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461325 The ITAT Mumbai denied the assessee's claim for exemption under section 10(38) for long-term capital gains after the AO received information from the Investigation Wing revealing manipulated accounts to generate bogus LTCG entries. The tribunal found the transactions were not genuine and constituted make-believe agreements. Additionally, the ITAT upheld the AO's addition of 3% commission payment for accommodation entries from intermediaries, ruling that such commission payments were a corollary to the fraudulent transactions. The Revenue's appeal was allowed, confirming both the LTCG and commission additions. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461325