https://www.taxtmi.com/caselaws?id=461878 ITAT Mumbai allowed the appeal, directing deletion of addition made by rejecting long-term capital gains exemption under section 10(38). The tribunal found that the assessee held shares for a substantial period, which differed from typical bogus capital gains schemes. The AO relied solely on Investigation Wing reports without conducting independent inquiry or establishing connection between search operations and the assessee's transactions. Purchase and sale were supported by proper evidence and bank transactions, warranting the exemption. en-us Wed, 11 Dec 2024 00:00:00 +0530 Tue, 06 May 2025 09:59:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461878 ITAT Mumbai allowed the appeal, directing deletion of addition made by rejecting long-term capital gains exemption under section 10(38). The tribunal found that the assessee held shares for a substantial period, which differed from typical bogus capital gains schemes. The AO relied solely on Investigation Wing reports without conducting independent inquiry or establishing connection between search operations and the assessee's transactions. Purchase and sale were supported by proper evidence and bank transactions, warranting the exemption. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461878