https://www.taxtmi.com/caselaws?id=783248 ITAT Pune-AT allowed the assessee's claim of exemption u/s 10(38) on alleged bogus long-term capital gains, reversing the order of CIT(A). The Tribunal noted that the assessee had retracted the statement recorded u/s 131 on the very next day, his name did not appear in any adverse statements collected by the Investigation Wing, Kolkata, and SEBI had revoked its earlier directions. In the absence of corroborative material establishing that the transactions were sham, the denial of exemption was held unjustified and the AO was directed to grant the exemption. en-us Fri, 28 Nov 2025 00:00:00 +0530 Fri, 12 Dec 2025 08:55:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783248 ITAT Pune-AT allowed the assessee's claim of exemption u/s 10(38) on alleged bogus long-term capital gains, reversing the order of CIT(A). The Tribunal noted that the assessee had retracted the statement recorded u/s 131 on the very next day, his name did not appear in any adverse statements collected by the Investigation Wing, Kolkata, and SEBI had revoked its earlier directions. In the absence of corroborative material establishing that the transactions were sham, the denial of exemption was held unjustified and the AO was directed to grant the exemption. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783248